That's right! FHA has just announced a new use of the first time tax credit!!
HUD Secretary Shuan Donovan announced at the National Association of Realtor Summit that FHA will allow the first time home buyer credit (Up to $8000) to be used for down payment at closing. 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. More details will be coming but check with your lenders...this is what our economy and industry need so we can give our buyers some more positive information. Stay tuned for more info....
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