$8,000 TAX CREDIT UPDATE MUST READ

DONOVAN ANNOUNCES RECOVERY ACT’S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME FHA plan will stimulate new home sales and help stabilize housing market WASHINGTON – Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country. The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website. “We believe this is a real win for everyone,” said Donovan. “Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.” Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today’s action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit. According to estimates by the National Association of Home Builders, the Administration’s homebuyer tax credit will stimulate 160,000 home sales across the nation – 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA’s current market share, it’s estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage. Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option. For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary. ### HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

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Get your $8,000 HUD tax credit now

HUD tweaked stimulus tax incentive so first-time home buyers get instant assistance with down payment and closing costs.

NEW YORK (CNNMoney.com) — First-time homebuyers will now have access to quick cash to help them with their down payments.

On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.

“We believe this is a real win for everyone,” said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). “Families will now be able to apply their anticipated tax credit toward their home purchase right away. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”

As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn’t collect the $8,000 credit until tax time, rather than at closing time — when it’s needed.

The delay created an obstacle to reigniting the housing market because most first-time buyers — the ones who would buy much of the available inventory — have only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.

The mechanics of the new program, according to NAHB economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS.

The initiative also authorized similar programs already offered in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee, Washington and other states. To quickly infuse cash into their housing markets, the housing finance authorities in these states created bridge loans to allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds.

The first state to launch such a plan was Missouri, which rolled out its Missouri Housing Development Commission Tax Credit Advance Loan program on January 14 — a month before Congress approved the stimulus package. Since then, Missouri has approved applications by more than 360 borrowers and closed on 166 of them.

Lamar Cherry and his wife, Chrishanna, used the program to augment their down payment when they bought their home in Kansas City.

The couple purchased a four-bedroom, three-bath split-level home for $150,000, putting about 6% down. Much of that $9,000 came from the loan program, which they tapped so they wouldn’t have to drain their reserves.

“We had money saved up that we were going to use for the down payment,” said Cherry. “Now we can use some of that to buy some things we need for the house.”

At closing, the Cherrys, like all buyers in the program, signed for their first mortgage, plus a second mortgage issued by the state. The second note is good for 6% of the price of the home, up to $6,750; there is a $350 set-up fee, but no interest is charged if the debt is repaid by June 2010.

In Missouri, borrowers can only access $6,750 of the $8,000 credit for down payments. “We wanted them to have a cushion below that $8,000 in case other tax liabilities show up,” said Greg Spurgeon, the single-family homeownership administrator for the Missouri Housing Development Commission.

If borrowers don’t pay off the note, it becomes a 10-year fixed-rate mortgage with an interest rate one-half percentage point above that of their first mortgages. For example, borrowers paying 6% on their first mortgages would be charged 6.5% on the second.

So far, Spurgeon said, a significant proportion of participating homebuyers have repaid their loans. He expects most of the others to do the same before the deadline.

Cherry has claimed the federal tax credit on his 2008 taxes, but he hasn’t gotten his refund yet. He definitely intends to repay the loan before the 2010 deadline because, he said, not doing so would add about $75 a month to his house payments. 

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2 FAMILY FORECLOSURE RIDGEWOOD 11385

Two Family Property With 6 Bedrooms, 2 Bathrooms, And Full Finished Basement. Priced To Sell!!

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Location	Ridgewood, NY, 11385, Queens County
MLS#	2188737	# Families	2
Price	$444,900	Style	Colonial
Int SqFt (approx)	2,200	School District/Nbr	Community District 31 / 31
$/SqFt	$202.23	Appearance	—
Rooms	10	Age	94 years (1915)
Bedrooms	6	Lot SqFt	2,000
Baths	2 Full	Lot Size	20 X 100
Status	Call to check property status and to schedule an appointment.	Att/Det	—
Cross St	Cypress Hills St

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SOUTH OZONE PARK 2 FAMILY FORECLOSURE

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Location	S. Ozone Park, NY, 11420, Queens County
MLS#	2187857	# Families	2
Price	$323,000	Style	Colonial
Int SqFt (approx)	—	School District/Nbr	Community District 27 / 27
$/SqFt	—	Appearance	—
Rooms	8	Age	84 years (1925)
Bedrooms	3	Lot SqFt	2,000
Baths	2 Full	Lot Size	20 X 100
Status	Contact Us to check availability and to schedule an appointment	Att/Det	—
Cross St

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CORONA 2 FAMILY FORECLOSURE 11368

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Location	Corona, NY, 11368, Queens County
MLS#	2187692	# Families	2
Price	$250,000	Style	Colonial
Int SqFt (approx)	1,368	School District/Nbr	Community District 24 / 24
$/SqFt	$182.75	Appearance	As-Is
Rooms	8	Age	99 years (1910)
Bedrooms	3	Lot SqFt	2,000
Baths	1 Full	Lot Size	20 X 100
Status	Contact us to verify availability and to schedule an appointment	Att/Det	—
Cross St

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QUEENS BANK OWNED FORECLOSURE

Charming Colonial Home W/ Updated Exterior. 3 Bedrooms, 1 Full Bath. Close To All. Great Opportunity, Don’t Miss It!!

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Location	Jamaica, NY, 11435, Queens County
MLS#	2187315	# Families	1
Price	$159,900	Style	Colonial
Int SqFt (approx)	—	School District/Nbr	Community District 27 / 27
$/SqFt	—	Appearance	—
Rooms	6	Age	89 years (1920)
Bedrooms	3	Lot SqFt	2,302
Baths	1 Full	Lot Size	23 X 100
Status	Contact us to check availability and to schedule an appointment	Att/Det	—

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$8,000 First-Time Home Buyer Tax Credit for Down Payments on FHA Loans

$8,000 First-Time Home Buyer Tax Credit for Down Payments on FHA Loans? The Department of Housing and Urban Development (HUD) account last week that first time home buyers would be able to use the $8,000 “first-time home buyer tax credit” for down payments on FHA loans through the use of bridge loans.

The Department of Housing and Urban Development posted the information on their website in HUD Mortgagee Letter 09-15. For some reason they have completely removed the information from their website. People are speculating that the program is on hold because they have decided to make changes to the program.

While no official explanation has been given, it appears that The Department of Housing and Urban Development and the Internal Revenue Service are researching the details of the program, leaving the status unknown for now.

$8,000 First-Time Home Buyer Tax Credit for Down Payments on FHA Loans

Author: Monitorbankrates.com

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BRIARWOOD BANK OWNED FORECLOSURE 11435

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Location	Briarwood, NY, 11435, Queens County
MLS#	2186913	# Families	1
Price	$387,500	Style	Colonial
Int SqFt (approx)	2,210	School District/Nbr	Community District 24 / 24
$/SqFt	$175.34	Appearance	—
Rooms	8	Age	89 years (1920)
Bedrooms	5	Lot SqFt	5,000
Baths	3 Full, 1 Half	Lot Size	50X100
Status	Contact us to check availability and to schedule an appointment	Att/Det	—
Cross St	85 Ave

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2 FAMILY SOUTH OZONE PARK FORECLOSURE 11420

6 Bedrooms,4 Baths, 2Family Hiranch. Great Potential.Close To All. Sold As-Is W/ No Representation Or Warranties. Buyer To Pay Transfer Tax.

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Location	S. Ozone Park, NY, 11420, Queens County
MLS#	2185756	# Families	2
Price	$515,000	Style	Hi Ranch
Int SqFt (approx)	2,400	School District/Nbr	Community District 27 / 27
$/SqFt	$214.58	Appearance	As-Is
Rooms	10	Age	7 years (2002)
Bedrooms	6	Lot SqFt	4,000
Baths	4 Full	Lot Size	40 X 100
Status	Contact us to verify availability and to schedule viewing	Att/Det	—
Cross St	133th Ave

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Popularity: 2% [?]