1st time buyers :: SoundBiteBlog.com

This morning during the NAR (National Association of Realtors®) Mid-Year Legislative Meeting in Washington, D.C., HUD Secretary Shaun Donovan said that the Federal Housing Administration is going to begin permitting its lenders to allow 1st Time Home Buyers to use the $8,000 tax credit (originally provided in the American Recovery and Reinvestment Act) as a down payment.

Previously, most Buyers wouldn’t receive the credit until after they filed their tax return, and as such, it was proving to be a deterrent in keeping some people from using the credit. NAR has been actively pressing 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 US 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.

For the full story, go HERE.

C O R R E C T I O N / U P D A T E:

I just came across this greatly informative video on Facebook from my good friend, Ken Cook, with Novation Mortgage in Marietta GA. Evidently there is some misinformation coming from the Feds regarding the use of this credit as a down payment. Fancy that!

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: 1st time buyers, down payment, nar, tax credit

As a licensed real estate professional here on the Kitsap County Peninsula in scenic Washington State, perhaps the favorite part of my job involves helping 1st-time home buyers realize their dreams of home ownership.

Such was the case with a young Navy couple, TR & Arwen, who closed on their home in Port Orchard WA.

This was one of the most enjoyable transactions I’ve had the privilege of being involved in for quite some time!

TR & Arwen came over from Hawaii, under orders courtesy of Uncle Same and the U.S. Navy. At the time, TR was in the process of making Chief Petty Officer, so it was a very eventful time for both of them!

I had first made contact with Arwen nearly a year prior to them actually coming over from Hawaii. She found me through ActiveRain, one of several Internet social networks that I participate on. We exchanged e-mails, shared MySpace profiles, poked each other on Facebook, and kept in consistent contact throughout the entire process.

When they arrived here in Kitsap County WA, we were fortunate to find a really great home in Port Orchard WA. It had been recently remodeled – new paint, carpets, appliances, kitchen cabinets & counters. Downstairs was the perfect ‘Man’ room for TR. There was even a fenced yard for the dog.  We were able to negotiate an extremely attractive contract with the Sellers, and close ahead of schedule without any difficulties.

This is what being a licensed real estate professional is all about – helping valued clients to achieve their home buying and selling goals & dreams!

This transaction was the direct result of my involvement on various social networks on the Internet. While the vast majority of my business comes from past clients & referrals, with the current market conditions being what they are, it’s helpful having another source of potential clients, especially Buyers!

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Rich Jacobson is a licensed real estate professional providing empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood.

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Tags: 1st time buyers, first time buyers, Kitsap County WA, port orchard real estate