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Home sales may get a push

First-time homebuyers soon could get even more incentive to buy a house this year, officials for the U.S. Department of Housing and Urban Development said Tuesday.

HUD Secretary Shaun Donovan said the department is days away from finalizing a plan that would allow first-time homebuyers to use the federal government's $8,000 tax credit on a down payment and closing costs instead of waiting until they file their tax returns to get it.

Under the proposed plan, HUD-approved lenders, nonprofit groups and government entities would issue bridge loans to borrowers before their closings. The loans would be paid back from the borrower's tax credit.

Real estate and homebuilding groups have been pushing for the change and say it will spur home sales and lead to a quicker recovery of the troubled housing market.

"This will help homebuyers who are a little short on down payment but want to get into the market," said Paul Bishop, an economist with the National Association of Realtors. complete story

Source: Tampa Bay Online - Shannon Behnken

Posted by Orlando Realty Experts on May 14th, 2009 6:33 PMPost a Comment (0)
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