If you are in the market to buy a San Clemente home or condo for sale and are a first-time homebuyer, you can now use the available $8,000 tax credit upfront towards your down payment or closing costs without having to wait for it when you file your tax return for 2009 in 2010.  Here is a summary of how the plan works now:

• Must purchase the home and close escrow no later than December 1, 2009
• First-time homebuyers (i.e. have never owned or have not owned in past three years) can use the $8,000 up front as closing costs or towards down payment
• Only FHA-approved loans are required if tax credit is used as down payment
• While the $8,000 tax credit can be used towards down payment or closing costs, it cannot go towards the 3.5% FHA required down payment.

For more information on using this credit, please feel free to contact us for a free consultation.

This entry was posted on Wednesday, June 24th, 2009 at 7:16 pm and is filed under Buyer & Seller Tips, Market News & Analysis, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.