$8,000 First Time Buyer Tax Credit   FREE REPORT

Many people who have been thinking about buying their first home in Florida have at least heard something about the new rule where HUD will allow you to use your 8000 tax credit for closing costs and down payment.

While nothing had been made official for some time, now it is official - you can now use the 8000 tax credit for closing costs and part of your down payment.

On Friday, HUD released their official guidance in the form of a Mortgagee Letter — and the good news for people who live in Florida is that they can now gain immediate access to the 8000 tax credit to help them buy their first home.

Many people have started calling this access to the tax credit “monetizing” it - and it means that you can turn your tax credit that you will get in the future into money/credit that  you can use today to buy a home.  Throughout the United States, this plan is projected to assist as many as 160,000 new home sales — and more than just a few of those 160,000 people will be in Florida.

With the new rules about monetizing the 8000 tax credit, new home buyers no longer have to wait for their tax refund to use the money to buy a home.

According to CNN Money:

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.”

According to Reuters:

The National Association of Home Builders estimates that the $8,000 first-time homebuyer credit will stimulate 160,000 home sales across the United States — 101,000 purchases from first-time buyers and another 59,000 purchases by existing homeowners who sold dwellings to first-time buyers.

While there are many different possible questions about the tax credit and using it to buy a house, two of the most popular questions that Florida residents have are  “How much does it cost” and “can I use the tax credit for my down payment?”  so we thought we would at least answer these questions on our FREE REPORT $8000 Tax Credit