The government says thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can receive the credit before they complete their taxes.
Borrowers will still have to come up with the FHA's required 3.5 percent down payment, unless they work through a state or local housing program. But officials say the money can still be used for closing costs or a larger down payment.
Has anyone yet heard any details on how this would work?
Richard Lecinski
Long Realty Company
520-834-4663
http://rlecinski.longrealty.com
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