Opportunity For Buyers Means More Hope for Sellers The link above is a good Q&A about HUD's new policy. FJ
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration will permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Whether you're for the federal government being involved in business or loathe it, this policy is certain boost home sales throughout the country.
If you know anything about the $8,000 tax credit, you know that it's set up for first time home buyers only.
I predict this will be a big deal for the real estate market across the country and South Carolina. This opportunity will enhance buyer's buying power and sellers will enjoy the larger pool of qualified borrowers.
While many of you are for a tax hike here and there, a great number of you are for tax cuts across the board. Notwithstanding everyone's position regarding taxes, I think every first time home buyer will want to know more about this powerful tool.
Further, if you have a home on the market that's priced below $273,000 (the limit for FHA loans for our area), I'm sure you'll praise the new policy with open arms.
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