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Sector Snap: Homebuilders Up On Tax Credit Change

Stock quotes in this article: DHI , LEN , TOL  

NEW YORK (AP) — Some housing stocks increased Friday after the government said thousands of first-time homebuyers can receive the new $8,000 tax credit before they complete their taxes, making it easier for people to buy homes.

The Federal Housing Administration said borrowers who use an FHA loan will be able to get advances from lenders, instead of waiting for the tax credit, for closing costs or a larger down payment. The FHA will still require a 3.5 percent down payment from borrowers, unless they work through a state or local housing program.

The tax credit for first-time homebuyers was included in the economic stimulus package signed by President Barack Obama in February. ...

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