Gather around kiddos, looks like Christmas came early this year.
MarketWatch is reporting that HUD secretary Shaun Donovan at today's real estate summit before thousands of Realtors® said that the FHA's tweaking the first-time home buyer tax-credit for use as down-payment.
I don't know any details but you can read the story here.
Hat tip HousingWire (saw it there first).
This could be a great boost to our industry. Now if they would expand it to include regular conventional loans!
Now that sounds like an interesting concept. I wonder how that will work. I guess we'll have to stay tuned!
~Chanda (no 'r') :)
This is an outstanding developement that could really make a difference in our market! Thanks for the news
What he said was they are exploring ways to monetize the credit so borrowers may use the money for down-payment or closing cost assistance. I don't recall him saying they were 'tweaking' the program and did not hear him categorically state that it would become possible - only that they were trying to find a way to do that. While it would make the program even better than it already is, it would also involve a significant shift to up-front costs to the government and that is by no means a given at this time. I may have mis-heard his remarks but in consulting my rather copious notes (about which I will post when time permits) I didn't hear him say it's a done deal yet.
By the way, his use of the term 'bridge loan' also came under some question later with some asking if he understood the definition of a bridge loan (not to his face, of course).
Mirela, and today they say it's NOT happening. I wish they could figure out what they're doing up there!
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