Scottsdale, AZ (PressExposure) June 10, 2009 -- According to one of the latest announcements from The Federal Housing Administration, the $8,000 first-time homebuyer tax credit [http://www.first-time-home-buyer-guide.info] can now be claimed by the homebuyers directly to save costs on their first home. However, they have to use an FHA insured mortgage to claim this benefit. Monetization of the first-time homebuyer tax credit [http://www.first-time-home-buyer-guide.info] is an effort from the government to stabilize the suffering market. The government hopes that this step will speed up the recovery process while it also helps the first-time homebuyers to acquire their homes with lesser burden. This latest ruling does not interfere with the current ruling on the initial margin that has to be raised by the homebuyers from other sources. The figures on the minimum initial margins to be raised from the other sources by the homebuyers remain at 3.5%. However, using tax credit as a down payment [http://www.first-time-home-buyer-guide.info] goes a long way in terms of reducing the burden of the homebuyers and to encourage them to acquire new properties.
Even before the Federal Housing Administration announced such a relief, some of the private financial institutions were already allowing their customers to enjoy such a privilege and apply their tax credit on to the down payment costs through special schemes. First time homebuyers need not have to wait until the filing of their returns to enjoy this credit. Having access to these funds up-front certainly will encourage the homebuyers to make a quick decision.
It has been noted that the FHA-insured mortgages are increasing rapidly and about 25% of all the recent mortgages are covered by FHA insurance. As per the projected figures, the FHA is likely to insure around 2.2 million mortgages this year alone. Also, the latest announcement from the FHA will bolster these figures making people go for FHA insured mortgages.
All these figures are highly encouraging and it is interesting and relieving to note that things will turn to normal soon. To get started, fill out the easy form at www.first-time-home-buyer-guide.info [http://www.first-time-home-buyer-guide.info] First Time Home Buyer Guide endeavors to help first time homebuyers with the entire home buying process. For more information, go to www.first-time-home-buyer-guide.info [http://www.first-time-home-buyer-guide.info]