My Blog

Tax Credit Can Be Used for Down Payment

This is great news for many of my first time buyers who have asked about the possibility of using the $8000 tax credit as a down payment!

2009 is shaping up to be a fabulous year for home buyers... with so many properties to select from, low interest rates and the tax credit for first time buyers.

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“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,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Source: NAR 

May 12, 2009

Charlotte, North Carolina Ranks 3^rd for “Best Cities for a Fresh Start”

According to a recent list compiled by Relocation.com, Charlotte, North Carolina ranks 3^rd among “best cities for a fresh start”. When I was looking for a place to relocate to over five years ago, I researched many cities and Charlotte topped my list.

I was looking for a medium-sized, yet vibrant city with affordable housing and moderate climate. Having grown up in the beautiful, but very cold city of Minneapolis and then spending almost 20 years in Houston with its squelching heat and humidity, I was ready for some middle ground.

It turns out a lot of other folks were looking for the same thing. Charlotte is a city of ‘transplants’… most anywhere you go, you’ll run into someone who is ‘not from around here’. We have our share of ‘half-backs’ which are Northerners who moved to Florida and decided to move half way back and ended up in the Carolinas. We have plenty of Northerners from such places as New York, New Jersey and Massachusetts who are looking for newer, more affordable housing and taxes along with more gentle winters. I’ve worked with many Midwesterners who find better job opportunities and milder weather as well. And then there are the Californians who can’t believe how inexpensive it is to live here… and without the excitement of major earthquakes.

I’m not surprised to see Charlotte continue to be in the top ranks of places to relocate. For those interested in starting a new life, it just may be the ticket as it was for me over five years ago.

To read the full article by Relocation.com and the criteria used in establishing the list, click here.

Charlotte, NC Relocation Specialist - Nancy Winters, Real Estate Broker - Helping individuals and families relocate to the Charlotte, North Carolina area - providing relocation and real estate services to those interested in Charlotte’s affordable housing, moderate climate and friendly people. (704) 345-5844 - Exit Realty Advantage