Efforts to get the $8,000 first time home buyer credit available to the buyer at closing have stalled at the IRS office. The Governor has signed the legislation that allows the Washington State Housing Finance Commission to make the funds available. Washington REALTORS® have provided the money to guarantee the program and the State Treasurer has asked the IRS to allow tax credit eligible buyers to assign their refunds to the Housing Finance Commission.
To make the program work, there must be a mechanism to ensure that when the borrower receives the $8,000 from the IRS, those funds are dedicated to pay off the bridge loan. Should the IRS refuse to allow “assignment” of the tax credit, we are working on alternatives to make this program available by the end of June. REALTORS® are actively monitoring this issue and will update you as soon as more details are available.
Source: Seattle King County Association of REALTORS Broker Update, June 2009
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
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The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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