HUD announced on Friday that the $8000 tax credit can be applied toward customer’s Down Payment. Additionally they will allow lenders to help the buyer use the money before they receive the credit. As of yet no lender has agreed to the program and the State of Georgia has not approved any non-profits that would assist in this endeavor.

Please see the HUD announcement, which shows that if this program is implemented it could result in160,000 new home sales!!!

http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

Some highlights on the $8000 Tax Credit include:

* Owner Occupied Properties ONLY

* Customers can not have owned a home in the last 3 yrs

* Home has to be closed and Occupied by December 1, 2009

* The credit REQUIRES the property purchased to be the primary residence for 3 yrs or the credit must be repaid

*Income restrictions DO APPLY

For specifics please visit hhtp://www.irs.gov/newsroom/article/0,,id=206291,00.html