"Lenders Allow Homeowners To Use $8,000 Tax Credit As Downpaypment
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HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit WASHINGTON (May 12, 2009) - Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.



Donovan's remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo <www.realtor.org> here.

Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan said the Obama administration plans to further stabilize the housing market. "I do think we have some early signs that the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."



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History
We have been serving Phelan and adjacent areas since 1989. The company was founded by Jo Ann Tidwell in 1988. A second office was added in Pinon Hills in 1997.

Agents
We have ten agents within the two offices and Jo Ann Tidwell is the licensed Broker. They are high caliber professionals with diverse backgrounds. Some are former educators, escrow officers, travel agents, horse trainers and even law enforcement officers. They are all committed to the Business of Real Estate.

Office and Staff
Our office is fully equipped with an integrated network of computer and communication systems. We have instant access to all the Multiple Listing Services, the Public Record Searches, and other tools and services that our agents need in order to better serve you.

We also have two full time staff to accommodate all your needs. They help coordinate meetings, assist agents to expedidite your buying and selling, keep the listings current on our website, answer your calls when your agent is not available, and they are your personal couriers to ensure the timely processing and delivery of all your documents. Two additional staff members manage the Property Management Division.