Tuesday, May 12, 2009

Tax Credit Can Be Used As A Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development announced today that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment! Previously, buyers had to provide a minimum of 3.5% of the purchase price of the home as a down payment, then wait to file an amended tax return before receiving their tax credit. FHA will provide a bridge loan to buyers to be paid off once they receive their credit.

See Daily Real Estate News for the full article.

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