May. 13, 2009 - More good news for home buyers and sellers

That $8000 credit will be available at closing soon

The Department of Housing and Urban Development's Federal Housing Administration announced Tuesday that first-time buyers may tap a federal tax credit of up to $8,000 for down payments on FHA loans. This will allow eligible home buyers to access the funds immediately at the closing table.

The National Association of Realtors (NAR), which has called for the change, believes this could boost its previous estimate that the tax credit will spark at least 300,000 additional sales. The National Association of Home Builders estimates an additional 160,000 new home sales.  Shaun Donovan, HUD Secrectary said 101,000 first-time buyers will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home, he added.   Read more