Austin Real Estate Blog

The department of Housing and Urban Development, HUD, is updating the stimulus package of 2009. In that economic stimulus package, there was an 8 thousand dollar tax credit allotted for first time home buyers. The intention was to offset the cost of closing a home mortgage. Unfortunately, due to the nature of the clause, people have been unable to access this money until they file their 2009 taxes by April 15th 2010. HUD knows people need it much quicker.

The government agency known for making home ownership possible, is still working toward that goal. They are looking for a way to allow first time home buyers access to their 8,000 dollar credit, at closing instead of next year. The Federal Housing Authority has a list of approved lenders. These aforementioned lenders will be able to loan the money as an advance to the first time home buyers. Currently there is not a timetable, but this process has already begun.

Several states have begun to develop similar plans to help first time home buyers now. This state level loan gives home buyers the ability to open up funds to spend on furnishings and other items for the new home. This money will then do exactly what it was intended to do, stimulate the economy. This will enable growth and recovery. It is only a brief matter of time before Austin will see the benefits.