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Tax Payment = Down Payment?
April 22, 2009 - Sylvia Heldreth
A number of real estate and lending professionals are trying to turn the $8000 tax credit from the Federal Government into part of a down payment for first time homebuyers. This seems like a way to help first time buyers who may be strapped for cash buy their first home.
Critics believe that buyers who haven't saved for a down payment and don't have much cash pose a higher risk of foreclosure than those who have had the discipline to save. This might only add to the problem of foreclosures.
What do you think?
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