HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
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.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for home-buyers.
Read more information on the Realtor.org site
Ann Arbor, Saline, Dexter, Chelsea, Ypsilanti, Milan buyers this is exciting news for you. This has been one of the most consumer asked question on my Ann Arbor Real Estate Blog.
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I just hope this is not another band aid effort by the gov't.