New Homebuyers Get $8,000 Tax Credit
By ALAN ZIBEL
, AP
WASHINGTON (May 29) - The government says thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit.
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can receive the credit before they complete their taxes.
Borrowers will still have to come up with the FHA's required 3.5 percent down payment, unless they work through a state or local housing program. But officials say the money can still be used for closing costs or a larger down payment.
The tax credit was included in the economic stimulus package signed by President Barack Obama in February.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-05-29 10:29:15
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