The HGTV Newsletter that came in the email this morning (May 19, 2009) has a link to their article HUD to Allow $8,000 Credit as Downpayment on FHA-Insured Loans. I have no idea how many people subscribed to the HGTV newsletter, but I bet it’s a huge number. So everyone that subscribes received a direct link to that article. The article was dated from May 13th when the original announcement was made, but it's going out in their newsletter dated May 19th as current news...:
“WASHINGTON, May 13 - HUD Secretary Shaun Donovan's decision to allow consumers to use the $8,000 first-time home buyer tax credit to help cover their downpayment and closing costs on FHA-insured mortgages will be a big boost to the housing market, according to the National Association of Home Builders (NAHB)…… The measures announced by HUD would allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or "bridge loans" up to the amount of the $8,000 first-time home buyer tax credit.”
Thanks to Jeff Belonger, I thought to myself, “This is old news and has been rescinded for FHA loans." In fact, Jeff has written a series of blog posts on this as the situation has changed.
Thanks Jeff, for keeping up with what’s current in the mortgage business and keeping us posted!
I clicked around on different links on the newsletter and on the HGTV website and could not find any link to anything that stated the $8000 tax credit could not be borrowed against for a down payment on a FHA loan.
Now I realize that these newsletters are probably written several days before they are emailed, but shouldn’t someone have removed the link to the above article?
Oh well, guess where I get my real estate and mortgage news? You got it… Active Rain.
-------------------------------------------------------------------------
Life in Southeast Oklahoma is GREAT! If you're looking for a home or land in my part of the country, give me a call: Judi Barrett, broker, Integrity Real Estate Services, 580-212-5946. Or visit one of our websites:
Integrity Real Estate Services
Our Name Says It All.
Real Estate Services You Can Trust.
580-212-5946
© Copyright 2009 Judi Barrett, Integrity Real Estate Services
Comments(7)