Ok folks, the word is out again. HUD Secretary, Shaun Donovan, announced that homebuyer’s will be allowed to apply the $8,000 tax credit towards the purchase cost of a FHA-insured home. The concept was first announced several weeks ago at the NAR mid year convention in DC but was quickly retracted while additional details were worked out.
Posts Tagged ‘downpayment’
Update: OMB has asked FHA to hold off on tax credit bridge loan program
Tuesday evening I blogged about the FHA program that would have allowed first time home buyers to use the expected tax credit as a down payment. Apparently, at the request of OMB, FHA has withdrawn Mortgagee Letter 09-15. Hopefully this action is only temporary.
