Looking for the bill that allows the $8,000 tax credit money

I don't think this was passed into law yet. What is happening is that certain states and institutions are lending the borrowers the money and getting a form signed that goes to the IRS that gets the credit assigned to them. 

Michael Pinter

Hi Ken. Sorry for the delayed response. You did read correctly that HUD was going to allow borrower to get this money early to help pay for closing costs. Within that same day, they pulled the idea because they were already talking about possible issues. So, they went back to the drawing board. There was also talk about the borrower getting a small loan for the $8000 and would be expected to pay it back at closing. Again, these things were tossed around, but nothing was officially finalized.

Right now, they are looking at increasing the amount to $15K and ALL homebuyers will be eligible. Until it clears, I would not spread the word.

Congressional action created the tax credit.

IRS regulations stipulated how the credit was to be used.

I guess HUD got into the act because of FHA guidelines.