$8000 CAN BE USED FOR DOWN PAYMENT
|Wednesday, May 13, 2009
HUD Announces $8000 Tax Credit can be used as downpayment for Homebuyers
News from NAR (National Assoc. of Realtors) - Washington D.C.
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 anl address to several thousand REALTORS®, including 130 from Michigan , who are in Washington D.C. this week for the annual REALTORS® Midyear Legislative Meetings & Trade Expo.
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.
For full story, please visit http://www.realtor.org/press_room/news_releases/2009/05/re_summit?lid=ronav0019
WHAT DOES THIS MEAN TO ME?
Based on this information, you can now purchase a home with the Tax Credit money. This could be
as much as $8000!! You only have limited time so don't wait. This is an opportunity of a lifetime,
please, do not pass this up!!
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