Massachusetts Association of Buyer Agents (MABA), a non-profit buyer advocate organization alerts first time home buyers to a program developed by the Federal Housing Administration (FHA) that allows them to use their tax credit (up to $8,000) towards a down payment or for closing costs on a new home.
Due to a provision in the American Recovery and Reinvestment Act of 2009, taxpayers who have not owned a primary residence in at least three years time are be considered “first time home buyers” and are eligible for a tax credit of up to 10 percent of a home’s purchase price (maximum $8,000).
Now, the FHA has gone a step further by incorporating a program that allows first time home buyers to use that tax credit for down payment on a home or to put towards closing costs.
“The government believes that by letting first time home buyers use their tax credit towards the purchase of a home, it will help to stimulate the market – and it should. This is a unique program that is very beneficial to first time home buyers. They receive a tax credit that does not have to be repaid and then they can turn around and use that credit to purchase a home,” explained
John Karcher of MABA. He continued, “We just need to make buyers aware that the program exists.”
First time home buyers should take action soon as the FHA program ends November 30, 2009.
The Massachusetts Association of Buyer Agents (MABA) is a unique organization comprised of more than 55 realtors and brokers throughout the state who are committed to protecting home buyers. Founded in 1991, MABA is a non-profit organization recognized nationwide for its efforts to educate licensees and consumers about agency issues. The organization is self-regulated and every member must take a pledge of undivided loyalty to the buyer client.
MABA members never represent both the buyer and the seller in the same transaction and they
never ask a buyer client to waive his/her right to full buyer representation. They are serious about due diligence and will inquire about non-disclosed property information.
For more information, visit the website at http://www.MassBuyerAgents.com or contact 781-264-2350.