$8000 Tax Credit can be used for Down Payment!
May 18th, 2009 | 
Author: Obama must be listening to Realtors, because as of Tuesday the Department of Housing and Urban Development said 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. THIS IS HUGE!
Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
For more info check out http://www.realtor.org/midyear.nsf/realsummit?openpage
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.
Go Obama!
This is brough to you by the Philadelphia Real Estate Blog
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REALTOR® -- A registered collective membership mark that identifies a real estate professional who is a member of the 
