2009 $8,000 tax credit used at closing table?

15 05 2009

$8000 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.

Above text in an excerpt from the HUD Secretary’s speech.  To view the full speech, visit: http://www.hud.gov/news/speeches/2009-05-12.cfm If you experience difficulty with this site, you can copy & paste in address box.  Thank you!

Of course, details are note available; but, I’m sure that our CENTURY21 Mortgage Broker, Kathey Atwater, will keep us informed.  Her website is at the top right.

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