Exciting News for First Time Homebuyers (And Anyone Who Hasn't Bought a House for 3 Years)

The President of the Washington Realtors, Greg Wright just shared this interesting article on Facebook. I know, he's so hip! Answering criticisms that all of the relief for the housing and economic crisis have been targeted at big banks and other large corporations, lawmakers are working on a bill that would make it possible for buyers to apply their $8,000 tax credit to their downpayment.

The proposal would make a federal tax credit for first-time homebuyers go farther by allowing it to be put toward the actual home purchase. A provision of the federal stimulus package offers a credit of up to $8,000 to buyers who haven't owned a home in the past three years -- buyers must also have incomes of no more than $75,000 for an individual or $150,000 for a married couple to qualify -- but it's a refundable credit. In other words, you don't get the money until weeks or months after the home purchase has closed. A budget proviso authored by the state Treasurer's Office and pushed by Sen. Steve Hobbs (D-Lake Stevens) and the state Realtors would set up a mechanism to get the tax-credit money to buyers at closing, removing the lack of a sufficient down payment as an obstacle. 

The state Realtors would put up $400,000 as security against unforeseen losses.

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