Baltimore First Time Home Buyer Tax Credit can be your down payment
Fantastic news $8,000 for Baltimore first time home buyers., Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development stated that the Federal Housing Administration (FHA) is going to allow its lenders to allow home buyers to use the $8000 tax credit as a down payment. In the past, buyers had to wait to file their taxes to take the tax credit benefit, which hindered some home buyers from buying.
By allowing Baltimore buyers to utilize the tax credit as a down payment, money will now be freed up for the buyer that would otherwise be needed at closing. This will allow the first time home buyer to save their money for a rainy day or for home improvements.
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I think this new program will additionally stimulate the already improving real estate market, appealing to even more first time home buyers.
There couldn’t be any more motivation for first time home buyers, bearing in mind that interest rates are at an all time low, home prices are not over pump up and there is abundance of homes to select from. Sellers would have to give the home away for free for there to be a better deal. This is the utter best time to be a first time home buyer.
Consumer self confidence needs a boost and I feel that this is just the news that will do it or at slightest light a fire. at this moment, if only the main stream news media would report on this great news instead of always reporting on the negatives about the real estate market, consumer confidence would increase.
If you are a first time home buyer, get out there and discover your home before this tax credit is gone in November.
Is this for Baltimore Buyers only, or is it country wide., eg. specifically Massachusetts?
It is Nationwide., However after we had a seminar last week in Baltimore, we discovered that the majority of first time home buyer that attended did not understand that it was a nationwide grant