HUD Secretary announces that the $8,000 tax credit may be used as a down payment!
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Developed told REALTORS® gathered in Washington, DC last week for the NAR Midyear meetings that the Federal Housing Administration will permit its lenders to allow homeowners to use the $8,000 as a down payment.
Secretary Donovan said that important changes, which NAR has been calling for, will help consumers purchase a home. “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 downpayment,” Donovan said. According to Donovan, the 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.
For indepth information on the First Time Homebuyer credit click here.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Developed told REALTORS® gathered in Washington, DC last week for the NAR Midyear meetings that the Federal Housing Administration will permit its lenders to allow homeowners to use the $8,000 as a down payment.
Secretary Donovan said that important changes, which NAR has been calling for, will help consumers purchase a home. “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 downpayment,” Donovan said. According to Donovan, the 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.
For indepth information on the First Time Homebuyer credit click here.
No comments:
Post a Comment