Tag Archives: First Time Home Buyer / Purchase Benefits / Need Financial Assistence to Buy?

First Time Buyer(s) Tax Credit, Usable in CLOSING COST

Buyer(s), Real Estate Agent(s), Seller(s), Builder/Developer(s):

Here is the moment we all have been awaiting… Buyer(s) can “NOW USE the $8000.00; to PURCHASE as assistence with “CLOSING COST”! Below you can read the announcement:

 

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

SUBJECT:

Using First-Time Homebuyer Tax Credits

 

 

 

I. About the First-Time Homebuyer Tax Credit

 

 

 

Please check the IRS website to ensure you have up-to-date information. A brief overview of the tax credit from the IRS website and a copy of IRS Form 5405 (including instructions) are attached for reference.

Pursuant to 31 U.S.C. 3727 and 26 U.S.C. 6402, a refund of the first-time homebuyer credit will be made by the IRS only to the taxpayer, not to a third party. In other words, any refund issued in response to a claim for this credit cannot be assigned by a taxpayer to a third party.

 

 

 

II. FHA Tax Credit Guidance

Consistent with existing FHA policy, FHA will permit entities covered by Section 528 of the National Housing Act to use the current authority to offer tax credit advances with second liens in a manner consistent with the requirements in 12 U.S.C. 1709(b)(9). Eligible government agencies and instrumentalities of government are described in handbook HUD-4155.1 5.C3 and 5.C4.

 

 

 

Secondary Financing

http://www.hud.gov espanol.hud.gov

Call me or email me – Today! Let’s schedule the next appointment to move forward in Purchasing the Home of your dreams…

Calvin Kyles, ckyles@mtglender.com 503-975-2769  www.loandogs.com  Referral Code 482

 

 

 MORTGAGEE LETTER 2009-15

TO:

The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers. FHA supports this important initiative to promote homeownership. This mortgagee letter provides:

  1. Basic information on the first-time homebuyer credit obtained from the Internal Revenue Service (IRS) website. Complete information on how the first time homebuyer tax credit works, including the eligibility requirements for the tax credit, the amount of the tax credit that a first-time homebuyer may be eligible to receive, and how a homebuyer may claim the tax credit is available on the IRS website at http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet7.
  2. Guidance on how FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local government agencies or instrumentalities may assist homebuyers that are eligible for the tax credit.

WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSINGFEDERAL HOUSING COMMISSIONER

May 29, 2009 ALL APPROVED MORTGAGEES  
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