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$8000 tax credit as downpayment... HUD says program NOT killed!

According to my lender sources and The Arizona Herald article "HUD says bridge-loan program hasn't been killed", HUD is still moving forward with a plan to let first-time homebuyers use the currently available tax credit of up to $8,000 as collateral for "bridge loans" to cover the down payment on FHA insured mortgages.

According to the article, HUD spokesperson Brian Sullivan stated that the program details haven't been finalized and would not say when the bridge-loan program would be initiated, or whether it would be substantially different from what originally was announced.

Let's all keep our fingers crossed that this program will be approved... it might just be the shot in the arm that the real estate market and our economy needs to recover!

For background information regarding this potential program, read my previous blog post: HUD withdraws option to use $8000 tax credit as down payment... at least for now

Posted by Cheryl Powell - ABR, Broker, Realtor - Remax Signature- Concord NC Real Estate on 05/21/2009 11:58 AM

Comments (9)

Down Payment Assistance in the Mortgage / Finance Channel

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9 Comments on $8000 tax credit as downpayment... HUD says program NOT killed!

MAY

Great info I had also sent this info out recently. good news

Scott

Hi Cheryl, It will be interesting to see which way this goes. It would be great if they are able to use this as down payment money!

MAY

Cheryl: Thanks so much for the update. I have no clue why there seems to be such confusion "out there" concerning this program. From what you are saying... it sounds liek they are just dotting their i's and crossing their t's... and that the program will be a reality soon. Thanks for sharing.

I still think that using this $8,000 as a tax credit is a better way to go... but it will be great to have the option to choose whichever way works best for each particular buyer. Thanks again.

I think that it's good news too Scott!

Cheryl - Thanks for the info! With all the confusion surrounding this program, I can't help but think we have "A failure to communicate". . .:-)

I agree with Myrl...there definitely is "a failure to communicate." thanks for this update.

MAY

Hi Sandy, I'm keeping my fingers crossed that this potential program becomes a reality! See you in the RAIN...

Hello Karen... It's always good to hear from you! I also feel that HUD is just finalizing the details of the plan and will release it soon.

Hello Myrl & Rebecca, I AGREE wholeheartedly about the failure to communicate!!! It's frustrating that HUD hasn't been very forthcoming with information after their premature release and subsequent retraction of the Mortgagee Letter announcing the program. Hopefully it will all become clear very soon!

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