Home : Blogs : Joseph Metzler MMS UMB : Joe Metzler's Minnesota Mortgage Blog - Mortgage and Real Estate News You Can Use

$8000 tax credit for down payment? Is it true?

We've been receiving calls all day about the "announced" ability to use the $8000 first-time homebuyer tax credit FOR DOWN PAYMENT. "

HOLD YOUR HORSES... it doesn't exist.... YET!

HUD Secretary Donovan appeared at a NAR function earlier today, and this is an exact excerpt of his remarks:

"We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly."

Okay - so what does that MEAN? It means that they are about to "officially" put their stamp on approving the process (and authority) on who/where/why/when a first-time homebuyer can get a LOAN for the $8000 tax credit - to be used as part of the required down payment!

THIS IS HUGE! As soon as the "official" announcement is out, we will get it to you.

Posted by Joseph Metzler MMS UMB on 05/12/2009 04:54 PM

Comments (6)

Shopping for Mortgages in the Mortgage / Finance Channel

tax credit for down payment downpayment 8000 use first time

This post has been included in Minnesota Information
Post is included in group: Mortgages

6 Comments on $8000 tax credit for down payment? Is it true?

MAY

This could be a real boon to first time homebuyers. It sounds like the Lender will decide who gets to use this Tax Credit as dpa. Guess we wait to see the official ruling. Thanks for the update.

This is a smart move that will help thousands of first time buyers. Many of them are short on cash.

Follow me on Twitter: http://twitter.com/roykelley

MAY

Glad I found this. I just finished reading a blog on Trulia voices that claims that $8,000 can be used as a down payment [without details] and to call for information, [posted this afternoon, 5/13/09]. Looks like folks are already using the "come-on" tactic to get potential buyers to call. I don't think we can be sure of anything yet, can we?

MAY

It was a thought and a very good one, once this become reality (if it does) it will be a tremendous help for those who do not have the necessary funds to put as down payment, however where is this money coming from? Cash must be made available and so far nobody knows if there is any in the stimulus package ready. As Realtors obviously we would love to see that happens, we will keep an eye on it!

Antonio

AUG

Hey. Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. It's not about money. It's about the people you have, how you're led, and how much you get it. I am from Wales and also now am reading in English, tell me right I wrote the following sentence: "Some time and joy in your life with this beautifully hand crafted dog face clock." With love ;-), Parnell.

AUG

Hi guys. To be willing to die for an idea is to set a rather high price on conjecture. I am from Croatia and learning to speak English, give please true I wrote the following sentence: "Therapy severely allows condition dermatophytes that were in a long oppressive back of the lymphosarcoma application during one day to priest into a transparent growth of the synthetase before the qualified hair is incorporated." With respect ;), Jake.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?