HUD: Stimulus tax credit can be used on first-home purchase

First-time homebuyers can apply their tax credit of up to $8,000 under the federal stimulus program toward the purchase of an FHA-insured home through short-term loans, U.S. Housing and Urban Development Secretary Shaun Donovan said Friday.

Under the American Recovery and Reinvestment Act of 2009, first-time homebuyers can qualify for the tax credit for purchasing their first home after filing their taxes.

But under a new Federal Housing Administration program announced Friday, state housing finance agencies and nonprofit groups can advance money to homebuyers up to the full amount of their tax credit so the money can be used on a home purchase, either to pay closing costs or to add to a down payment.

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- Posted: 2009-05-29 10:48:03

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