CNN Money reports the U.S. Department of Housing and Urban Development has announced that its $8,000 incentive for first-time homebuyers has been tweaked from a refund at tax time to cash made available for assistance on down payments or closing costs. The mechanics of the new program, according to National Association of Home Builders economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS.

This entry was posted on Tuesday, June 9th, 2009 at 9:46 pm and is filed under Local News. You can follow any responses to this entry through the RSS 2.0 feed.