Latest News and Information Regarding the First Time Homebuyer Tax Credit

5/29/2009 - Details of FHA's $8K downpayment advance HUD says FHA borrowers need at least 3.5% down, and consumers cannot tap into it until lenders flesh out details. Read more.

5/29/2009 - Mortgage rates rise, remain below 5%Rates on 30-year mortgages rose this week to average 4.9%; most analysts predict more increases. Read more.

5/15/2009 - Rates Below 5% for Ninth Week Straight
Freddie Mac reports a slight rise this week in the 30-year fixed mortgage rate to 4.86 percent from 4.84 percent in the previous week.  Read more>

5/12/2009 - HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Read more>

4/22/2009 - NAR Commends Rep. Joe Courtney for Introducing H.R. 1993
The bill would extend the current first-time homebuyer tax credit for an additional 13 months so that it would expire as of January 1, 2011, making this important incentive even more useful.
Read the letter> (PDF: 78K)

4/15/2009 - NAR Sends Letter to IRS Commissioner
NAR President Charles McMillan wrote to IRS Commissioner Douglas Shulman and Taxpayer Advocate Nina Olson asking that the IRS lay out a framework whereby a refund from an amended 2008 tax return (associated with the homebuyer tax credit) could be assigned to the relevant state housing finance agency.
Read the letter> (PDF: 92K)

4/05/2009 - NAR Runs Printed Ads in Targeted Congressional Districts
On Sunday, April 5th, NAR ran printed ads in select newspapers, thanking a specific group of Members of Congress for their leadership and efforts in passing the $8,000 first-time homebuyer tax credit.
Download a copy of the ad posted on the Maine Sunday Telegram> (PDF: 105K)

3/19/2009 - IRS Provides Filing Guidance on First Time Homebuyer Tax Credit
The IRS released additional information to help homebuyers understand the ways they can file to receive the homebuyer credit.
Read more>