Homebuyer Tax Credit Loans on Track. ..

By
Real Estate Agent with HK Lane La Quinta & Prudential Maui Realtors

News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.  "The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine on May 20, 2009.
 
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit. 
 
The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.  When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
 
Source: REALTOR® Magazine Online

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Comments (2)

Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Thank you for making this easy!

Jun 01, 2009 02:02 PM
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

...and clear!

Jun 01, 2009 02:02 PM