South Lake Tahoe Real Estate Blog Update Regarding the First Time Home Buyer Tax Credit
Last week I wrote about the first time home buyer tax credit, and how it could be used as part of the down payment on an FHA loan. The next day, I wrote about how that information may have been pre-maturely released. According to HUD, borrowers can now immediately apply the funds of the $8,000 first time home buyer tax credit towards their down payment. Home buyers using FHA-approved lenders can apply the tax credit to their dawn payment in excess of 3.5% of the appraised value of their closing costs, which can help achieve a lower interest rate.
This tax credit down payment option is great news for the South Lake Tahoe real estate market. First time home buyers that are on the fence now have a great reason to purchase their first home. After three months of increasing pending home sales not only in South Lake Tahoe, but Nation wide. The housing market is definitely heating up!
Make sure to keep logging on to my South Lake Tahoe real estate blog for the latest in real estate news and South Lake Tahoe real estate statistics!