May 15, 2009
NEW INFORMATION OF $ 8,000 TAX CREDIT
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration will permit its lenders to allow homebuyers 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.
Donovan says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans.
This will allow eligible homebuyers to access the funds immediately at the closing table.
Check with your lender for more information and availability.