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HUD Jammed Us Up Again

On Tuesday a letter was issued by HUD letting us know that the $8000 first time home buyer's credit could be used for down payments for FHA loans. A few news stories broke out immediately following that exciting news. At least we thought it was exciting news. Within a couple of days the story reversed. Never mind, HUD withdrew the letter. They were only kidding.

After sending out what I thought was exciting news, I had to send out another message a day later to my clients and fellow real estate professionals, letting them know that the HUD letter and information I sent out was not accurate.

THANK YOU, Jeff Belonger! Jeff the FHA expert who posted a blog article that did a wonderful job of clearing up the confusion created by HUD:

Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit

Posted by Randy L. Prothero - Hawaii REALTOR® on 05/14/2009 02:07 PM

Comments (13)

First Time Homebuyer Tax Credit in the Mortgage / Finance Channel

fha, hud, 8000 tax credit, first time home buyers

Originally posted at: Hawaii Randy's Real Estate Opinions: HUD Jammed Us Up Again

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13 Comments on HUD Jammed Us Up Again

MAY

Randy.. long time no speak. Hey, not only thanking you for the polite & kind introduction, but for getting the word out. I am hearing it's like the worst traffic jam in Los Angeles's history... lol Thanks to such quick news outlets such as Twitter and Facebook, .. besides blogging.. I heard that were like 500 tweets yesterday, just within an hour about this. thanks

jeff belonger

Jeff - I am on information overload between Facebook, Twitter and LinkedIn. I am beginning to feel like I need to pull back and focus more here on the blogs. We get the same information and more complete.

Randy...Thanks for the update.. My loan professional was telling today, that this may not be totally accurat. (the loan part). Need to wait and see. Thanks and good to hear from you!

Randy, the Obama Administration needs to think thing through a little more before making announcements like this. While the it must of been nice for them to get all of the initial positive publicity, I don't think that the publicity to follow will be as kind.

Randy- Yeah, I kind of got that idea when I first heard about it. Thanks for clearing it up and of course to Jeff who writes such great posts getting all the facts straight.

Randy - Thanks for sorting helping to sort through the fact and fiction - and thanks to Jeff too1

MAY

William - This is a great example of how this forum is so helpful to us.

George - I am wondering if this is common for HUD or just in this administration.

Katrina - Jeff was on it real fast.

Carol - You are welcome.

MAY

Randy,

Really a stupid way to make people get excited and then disappointed all in one sitting....I wonder if that was the same guy who gave the order to fly the plane over NY City for publicity.

Neal - I am sure we will be seeing more of this kind of non-sense.

Randy

Now I am more confused than ever. I actually had local lenders telling me this was a done deal in some states.

MAY

I got lucky, I've gotten tired of the government and their quick reactions and not thinking things through, so I waited before telling my clients about this and boy am I glad I did.

MAY

Trey - There are lenders sending out this out still this week. I think everyone is confused.

Todd - I wished I would have waited a couple of days. I wanted to be the first to tell them.

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