$8000 Tax Credit Utilized for Down Payment
May 19, 2009
Inman News Reports…
First-time homebuyers will soon be able to access their $8,000 federal tax credit when closing on a home through a short-term bridge loan that will cover their down payment on FHA-backed loans.
The Federal Housing Administration will soon publish a policy that will allow FHA-approved lenders, HUD-approved nonprofits, and state and local housing finance agencies to “monetize” the tax credit through short-term bridge loans, Secretary of Housing Shaun Donovan said Tuesday.
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