When 2009 opened, Barack Obama was inaugurated, and he very quickly passed the Economic stimulus bill. This stimulus package included an 8000 dollar tax credit for new home buyers. This is a fantastic incentive, however it is a down the road repayment, and the department of Housing and Urban Development (HUD) believes they can do one better. They have chosen to tweak the plans and adjust it so that the Federal Housing Authority’s approved lender list can provide buyers with the tax credit up front, for use at the close of the house, when the money is most needed.

Several states have already implemented this program on one level or another. Some are allowing for a tax cushion but it will still permit first time home buyers to purchase a home, using less of their own money at closing. This will free up the costs for closing to be used to furnish the home with needed appliances and furniture. This aspect of the economic stimulus will actually stimulate the economy, and with the active help of HUD it will do so faster than it was originally written to.

HUD has long been known to facilitate productive assistance to home buyers and mortgage assistance to anyone who qualifies. With that in mind there is no doubt that across the country and right here in Austin, new home buyers will be able to facilitate the best possible use of their 8 thousand dollar new home credit very soon.