Yes you can! Get $8,000 from the government to help buy your new home!

It was announced earlier this week that some changes have been made to the $8,000 Federal Tax Credit. The U.S. Department of Housing and Urban Development gave authorization to allow first-time buyers to use their $8,000 UPFRONT. This means it can be used to cover closing costs, to increase your down payment, or buy down your interest rate.

This first-time homebuyer tax credit started last year to help buyers purchase their first home. More details about the loan itself are available here: $8000 Tax Credit. The original tax credit was more like a government loan that had to be repaid. It was improved earlier this year making it so it does not have to be repaid!

This latest improvement frees up the money to be used to cover the initial fees of purchasing a home. There is still a minimum 3.5 percent down payment that needs to be paid without the assistance of the $8,000. However, if the home is previously unoccupied you can use the $6,000 Utah Homerun Grant in the initial 3.5 percent down payment. This means a first-time homebuyer can now get $14,000 for free to put down on a home upfront. There are also additional grants to help with these costs.

You should also be aware that this Federal Tax Credit is only available until December 1st of this year. This means you only have 6 months to jump on this great opportunity. Low interest rates, great home prices, as well as these government incentives won’t last very long. There are a limited number of Home Run Grants and only 6 months left to get the Federal Tax credit. To search available homes click here.

Sometimes the process can take time so be sure to contact me before all the money runs out.