Homebuyer Tax Credit Can NOW Be Used As Down Payment on FHA Loans

By
Real Estate Agent with Success Investment Realty

Tax Credit Can Be Used UPFRONT on FHA loans for Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, buyers could not file for the credit until AFTER they closed.  Donavan delivered the news during an address to several thousand REALTORS® gathered May 12th at "The Real Estate Summitt, Advancing the Economy" at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans to allow eligible home buyers to access the funds immediately at the closing table.

NEED EXPERT ADVICE NOW?  Join the Financial and Real Estate Hotline at www.IASFinancial.com

Search Central Florida Properties at:  www.OrlandoSearchMLS.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Florida
Groups:
Realtors®
Almost Anything Goes
Dedicated Bloggers
Local Expert
Tags:
fha loans
first time homebuyer credit
fha down payment
fha allows tax credit as down payment
fha allows tax credit
new rules for fha

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
14,164

Wanda Phillips

Ask me a question
*
*
*
*
Spam prevention