Homebuyer tax credit for Closing Costs or toward the down payment

OK, so how do we get to utilize this incentive for our Clients?

I tried and tried today to find a mortgage company that would actually use this tax credit as part of the closing costs and each Mortgage company that I spoke to said that HUD had not issued the guidelines for "its use" yet.

My memory may be lapsing (not surprised) however I seem to recall reading several articles recently where it was stated that this tax credit could be used for these purposes.

Is it true that these statements have been issued (I'm sure we can find lots of places where they are written) but in essence our clients still cannot use the benefit due to non-received "rules of use?"

What do you see as the disadvantages to the real estate market in using this "tax credit?"

Should buyers have to stick with the old adage - "20% down and enough cash to cover all your closing costs" or you dont buy a house?

I'm looking for opinions and insights into this situation. Thanks for letting me hear yours.

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Bobbie Smith, CRS

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Comment balloon 0 commentsBobbie Smith • July 02 2009 01:30PM