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Monetize the tax credit - TN Housing second mortgage

The recent buzz from the recent remarks that HUD Secretary Shaun Donovan made at the NAR Real Estate Tax Stimulus Purchase Money Summit has evidently been revoked, before it was implemented. The Mortgagee Letter has been pulled from HUD's site.

When the news story broke, and it is all over the internet world, there did just not seem to be enough time to implement the plan. The tax credit expires in November.

It now appears that Sec Donovan's remarks were premature. There is some discussion now about why the plan was apparently pulled. I just think it was a great idea that was announced before it was fully considered. What would be the impact? How would it be implemented? How would it be managed? How much would it cost?

Monetize the Tax Credit - Use for your down payment now

For Tennessee first time home buyers THDA still offers a second mortgage program that will effectively monetize the tax credit.

We already have some purchase applications started that are taking advantage of this great program opportunity.

For details on how the THDA Tax Stimulus program works, visit my previous post here.

Posted by Richard Smith Mortgages Home Loans FHA TN GA AL on 05/14/2009 05:10 PM

Comments (4)

THDA Tax Stimulus in the Mortgage / Finance Channel

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Originally posted at: Richard's Real Estate Thoughts: Monetize the tax credit - TN Housing second mortgage

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4 Comments on Monetize the tax credit - TN Housing second mortgage

MAY

Hi Richard. With blogs now so popular and so many writers, there is little chance that something like this wouldn't have traveled so quickly. Which begs this question. I wonder how real estate professionals that don't blog or read the blogs keep up. Nothing happens today that doesn't fly through the networks in a split second. It is amazing when you think about it. News today, history tomorrow.

William,

You are so right, and especially with this announcement. And it was a real announcement. He flat came out and said it in a prepare speech.

Everyone wanted to put it out quickly. Some posts indicated that is was available now. Twitter had posts announcing the FHA monetization program well after the reports came out that the program might not be implemented.

Fast and furious.

I like it though.

Any dove update?

Richard