We will soon release details on the new program as it FHA/HUD announces further explanations.
$8,000 tax credit for first time home buyers can now be used as a downpayment!
Tony Marks with Marks and Marks Mortgage just informed me of a great benefit for those looking to purchase a home this year!
"We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment."
United States HUD Secretary, Shaun Donovan. May 12th, 2009. FHA will allow approved lenders and nonprofits, and state and local government agencies to issue short-term bridge loans buyers can use for down payments. Buyers would repay the loans after getting their tax refunds in 2010.