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IT'S BACK!!!!
Yeah --- it's back.  Great advice for "one who knows". Please read.

IT'S BACK....believe it or not ML-09-15 with attachments are back. Called Using First-Time Homebuyer Tax Credits so here are the guidelines:

The first thing to keep in mind is you must follow IRS guidance to see if you are even eligible for this tax credit. that website is http://www.irs.gov/newroom/article/0,,id=204671,00.html?portal7. Leave it to the IRS to have such a difficult link. Second piece, Pursuant to 31 U.S.C. 3727 and 26 U.S.C. 6402, a refund of the first-time homebuyer credit will be made by the IRS only to the taxpayer, not to a third party. Short version, any refund issued cannot be assigned by a taxpayer to a third party.

So, what are some of the rules this time around? Here are the bullet points right from the Mortgagee Letter HUD issued:
The tax credit advance, when combined with the FHA-insured first mortgage MAY NOT RESULT in CASH BACK to the BORROWER The second lien may not exceed the total amount needed for the down payment, closing cost, and prepaid expenses...meaning if the total is $5000 and they qualify for $8000 the second lien can only be for the ... more

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