Posted by Ralph & Bonnie Mills on May 12th, 2009 5:00 PMPost a Comment (0)

Subscribe to this blog

Blog of Bonnie

Daily Real Estate News  |  May 12, 2009  |   Share
Tax Credit Can Be Used 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, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. 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. This will allow eligible home buyers to access the funds immediately at the closing table.
  This helps us prevent automated programs from posting comments and sending spam.



Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

Coral Shores Realty 4901 E Silver Springs Blvd. Unit 302 Ocala, FL 34470
Cell: Fax:

Market Report 2011 | Download Adobe Acrobat | News | Home | Blog of Bonnie

Copyright © 2012 Coral Shores Realty
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.