The newest details about the use of the $8,000 first-time home buyer tax credit to obtain a government-insured mortgage reveal the advanced funds may be applied toward the down payment only after the borrower meets the minimum 3.5% of the house’s appraised value.
This announcement attempts to clear the air about the use of the credit toward down payments. In addition to down payment purposes in excess of the minimum 3.5%, borrowers may apply the monetized tax credit toward other closing costs, which can in turn lower the interest rate obtained, according to HUD’s announcement.
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate.
As of today June 4, 2009 there are currently on the Washington County Board of Realtors MLS system…
• 75 Active Southern Utah Foreclosures in Saint George Utah on the WCBR MLS system
• 194 Closed Southern Utah Single Family Homes & Condo’s in St George Utah, on MLS from 5/3/09 thru 6/3/09.
• 1,537 Active Single Family Homes & Condo’s in the Greater Saint George area of Southern Utah on WCBR MLS
• 285 Southern Utah Single Family Homes & Condos in the Greater Saint George area currently under contract or “pending”
In any event its off to Twitter…I have few Twitter names, and here are two: StGeorgeHomes or EquityStGeorge. I post these same stats there if you would like to get…”Just The Fact’s” Till Tomorrow. Saint George Homes.
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