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Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit
This is  such great information about using the First-Time Home-buyer $8000 Tax Credits as a down payment, or not being able to use it as a down payment.
Because I have heard so many different stories about this I wanted to re-blog this post written by Jeff Belonger to help clear some of the confusion.


 
The $8,000 first time homebuyers TAX CREDIT - HUD has saved the day. Well, okay, it saved it for a day. It's gone now, recinded, at least for now. Everything that you have been reading about yesterday, about FHA/HUD putting out mortgagee letter 2009-15, it's no longer there. Tom Burris had noticed this yesterday and I just got off the phone this morning with the HUD office. For reasons unknown, this letter, ML 09-15, has been taken off the self. Besides, I have my reasons to this and also felt that many of the blogs posted yesterday were incorrect. Here is why....
 
 
 

 
In regards to FHA loans, a borrower can only obtain monies for their actual downpayment of 3.5% by the following :
Their own funds up to 100% of a gift from a relative/family member From the Federal, ... more

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