$8,000 First Time Homebuyer Tax Credit

If you are a First Time Homebuyer (First Time Homebuyer is defined as not owning a principal residence in the last 3 years) there is alot to be excited about in the Real Estate Market this week!

Just announced by Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. This may take a short while to enact but it is definitely worth the wait!

Yes, there are some restrictions with this program, but I think it could be a tremendous motivator for first time buyers to jump off the fence and into a new home. With this program, you must close by December 1, 2009 so let's get shopping for that new home you have always dreamed about but didn't have a down payment to purchase. More to come on this exciting new program.