$8000 Tax Credit "May" Be Used to Assist With Downpayment

By
Real Estate Broker/Owner with Ursula Gray Realty

HUD officials said Tuesday that HUD would move forward with a plan to let first-time homebuyers use the currently available $8000 tax credit as collateral for "bridge loans" to cover the down payment on Federal Housing Administration-insured mortgages.

Comments (6)

Bob Foster
Century 21 Lanthorn R. E. Ltd. Belleville, Ontario - Belleville, ON

Forgivable goverment loans do count as buyer equity up here in Ontario, Canada. The question is whether or not this is letting unqualified buyers into the market again.

May 20, 2009 02:49 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Will they? Won't they? This has been reported as a Yes and a No so many times I'm bewildered! Thanks for the update.

Sharon

May 20, 2009 02:54 PM
Ronda Myers-Waters
Willems Realtors, Principal Broker - Chesterton, IN

This could really help now.  Since the sellers' can't help with downpayment.

May 20, 2009 03:12 PM
Kenneth Bargers
Prudential Woodmont Realty - Nashville, TN

Ursula - I sent out an e-alert update to all my first time buyer clients and since then we have heard yes, no, yes, no press releases from the government.  This will be great if this is a go!  All the best.   

May 20, 2009 03:16 PM
Shane OnullGorman
Eau Claire Realty, Inc. - Eau Claire, WI
Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell

It will be interesting to see what happens with this in the future for sure.

May 20, 2009 03:57 PM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

Ursula, its been a cat and mouse game for months now.  Let's hope that it will be possible.

May 20, 2009 04:08 PM