On Tuesday, May 12, 2009 HUD Secretary Shaun Donovan gave a speech at the National Association of Realtors Real Estate Summit - Advancing the U.S. Economy at which he announced:
...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...
Click here to hear for yourself (fast forward to minutes 4:33 - 5:14)
Just a few days? We're still waiting ...
In the meantime, what was meant to infuse life into our comatose real estate market has actually placed it in suspended animation while lenders, Realtors(R), sellers, buyers, et al. sit impatiently in the economic waiting room for positive recovery news.
JMHO
Kim Novak is a real estate broker with RE/MAX Masters in Salt Lake City and Layton, Utah. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the designations of ABR: Accredited Buyer Representative, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, GRI: Graduate of the Realtor® Institute, SRES: Seniors Real Estate Specialist and ePRO: Internet Professional. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career. ActiveRain Profile LinkedIn Profile Facebook Me!
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