Good News for First Time Home Buyers and the Housing Market!

An announcement was made at The Real Estate Summit: Advancing the U.S. Economy today that will help people to buy a home.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” says Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development.

Purchasers will be able to use their tax credit through the use of short term bridge loans that will allow the amount to be used towards their down payment. The full speech by Donovan can be found here: http://www.hud.gov/news/speeches/2009-05-12.cfm

“I do think we have some early signs hat the market overall is stabilizing,” said Donovan. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

Good news all round!

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Comments

  1. Anonymous says:

    It is such a good news for first time home buyers and the housing market. There are some point that must be understand by the first time home buyers. They must ask some Real Estate expert for buy a first time home.

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