More good news for first-time homebuyers was announced this week by National Association of Realtors® (NAR) President, Charles McMillan.
According to McMillan, “HUD Secretary Shaun Donovan announced… plans to allow consumers to monetize the first-time homebuyer tax credit and apply it to the purchase of a home.”
If these plans are approved, it would make a significant difference in the first-time homebuyer sector of the real estate market.
By supplementing a down payment, helping to pay for closing costs, or buying down an interest rate, a monetized tax credit could make the difference between a person being able to take advantage of the opportunities available in this market and becoming a homeowner, or having to continue to rent.
In McMillan’s June 2
nd podcast, he stated that, “We have heard from mortgage industry lenders that this type of product may not be immediately available to consumers, as lenders need time to create the appropriate documentation.”
However, ten states currently offer programs that would qualify for the monetized credit option.
Maryland is not among them.
Hopefully, the Maryland Association of Realtors® will work diligently with our state’s finance agency to implement a similar program here.
In the meantime, if you are thinking about buying a home, we cordially invite you to attend our
Home Buying Seminar
Ten Easy Steps to Buying a Home, to be held on
Wednesday, June 10th, 7:00-8:00 p.m.
at the SunTrust Bank, Mays Chapel Branch.
Just
CLICK HERE to reserve your seat.
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Wishing you sunshine everyday and the home of your dreams,
Jeri
