$8K Tax Credit Can Now Be Used for Down Payment
Posted by Jolenta Averill on
Yesterday the Secretary of the U.S. Department of Housing and Urban Development, Shaun Donovan, stated that the Federal Housing Administration is going to start permitting FHA lenders to allow home buyers to use the $8K tax credit as a down payment.
Most buyers don't receive the $8K until after they file their tax returns so that has reportedly discouraged some people from utilizing the credit. The NAR (National Association of Realtors) has been asking for this change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. Donovan's remarks were made in an speech to several thousand Realtors gathered at "The Real Estate Summit:…
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