The $8,000 Tax Credit has sent the market share of first-time homebuyers soaring.

In March, first time homebuyers made up more than half the real estate market according to the National Association of Realtors.  A new development in the program took place at the end of May  which allows first time homebuyers, using FHA-approved lenders, to get an advance on the up to $8,000 tax credit created by the stimulus package and apply it toward their down payment or closing costs.

Home buyers must still come up with FHA’s required down payment of 3.5%, but can use the tax credit to lower their principal balance and save on their monthly payments. Please check with your lender for complete details.

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