FHA can use $8000 tax credit for down payment

[stevetrang]

I just heard from my lender that FHA is going to allow first time home buyers to ability to use the $8000 tax credit as their down payment. You guys hearing the same thing?

[Micheal Pannell Realtor]

Get us some details. How can they get it in time for the downpayment

[GregPDX]

maybe you amend your return saying you are buying a home, get the refund, then use it. That's the only way I can see it..

[SLP-NYCT]

sounds fishy. I know you can get it early by filing early, but not for the down payment.

[satxproperty]

We heard it here too... One of our local banks is approved to issue some kind of bridge loan till the check comes in or something.

Don't know all the details yet.

[papaul1621]

That is what people are talking about today at my office. We even got some calls asking about it. If/when it becomes official, it will help out so many potential buyers.

[stevetrang]

It is official.
http://www.hud.gov/offices/adm/hudcl...es/09-15ml.doc

[stevetrang]

It will be a bridge loan in the mean time. I wonder if it will have a similar $350 fee like Ameridream or Nehemiah? I know it's great for us Realtors, but is this program really a good idea?

[First Time Home Buyers]

Wow, this is big news if it's true!! I'm having my lender check on this since he is a Wiz at these kind of new programs etc.

I'm not sure this is the way it should work, but if you're a FTHB, you're golden!!

[RESteve]

Interesting! Thanks for the find - I'm going to review it and pass it around the office.