With respect to first time buyers...hopefully they will take advantage of our First Time Buyer Extravaganza. MARK your CALENDERS: June 2Oth. Stay tuned for further information on this important event!!!!

In an effort to reduce some of the confusion on the tax credit and to assist First Time Buyers in general, please note that on June 20th at 9:30AM there will be A First time Buyers Seminar, Sponsored by Stovroff and Taylor Realtors and Integra Funding LLC, at the Brierwood Country Club on Rogers Rd. in Hamburg NY. Door prizes, information on special financing not readily available to the public and more...RSVP (716) 818-2526

Every once in a while the government comes out with something that is really a great thing. For six months now the Real Estate world has been all a jabber about the $8,000. tax credit. And make no mistake, as Martha Stewart says, “It’s a good thing.” As of May 31st, that “good” thing got a lot better.
FHA issued guidelines allowing consumers to use $8,000 tax credit toward the down payment. The U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced at the NAR Mid-year Meetings that the FHA would permit the federal $8,000 first-time homebuyer tax credit to be used toward a purchaser’s down payment. The FHA finalized the rules that allow state housing finance agencies and some non-profits to monetize the credit, officially making the credit available to be used toward the down payment. WOW! Actually for first time buyers, this is more like a double WOW!!
According to HUD, the new rules allow FHA-approved lenders to “monetize” the tax credit for use as part of a down payment or for closing costs, which can help achieve a lower interest rate. Borrowers can immediately apply the funds toward their down payments in excess of the required 3.5 percent. Previously, borrowers applying for an FHA-insured mortgage were required to make the minimum down payment and lenders could not monetize the tax credit for use as an additional down payment.