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HUD May Allow $8000 Tax Credit to be used as a Down for First-time Buyers

By
Mortgage and Lending with Guild Mortgage Company

HUD is considering to allow first-time buyers to use their $8000 tax credit as the source for a down-payment on a FHA loan.  How the actual dollars will materilize to close a transaction this year has yet to be determined and when this modification will occur is another open question.  HUD better move fast for this revision to have any relevance since the credit expires December 1st.  More to come...