FHA To Permit $8,000 Tax Credit As Downpayment

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Real Estate Broker/Owner with Buyers' Choice Realty

 

Gather around kiddos, looks like Christmas came early this year.

MarketWatch is reporting that HUD secretary Shaun Donovan at today's real estate summit before thousands of Realtors® said that the FHA's tweaking the first-time home buyer tax-credit for use as down-payment.

I don't know any details but you can read the story here.

Hat tip HousingWire (saw it there first).

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Ambassador
498,116
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estat

What great news this is!

May 12, 2009 05:09 PM #1
Rainmaker
234,003
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

This is super great news.

May 12, 2009 05:33 PM #2
Rainmaker
1,765,023
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

This could be a great boost to our industry.  Now if they would expand it to include regular conventional loans!

May 12, 2009 06:32 PM #3
Rainmaker
277,966
Chanda Barrick
Keller Williams Indy Metro Northeast - Indianapolis, IN
in referral

Now that sounds like an interesting concept.  I wonder how that will work.  I guess we'll have to stay tuned!

~Chanda (no 'r') :)

May 12, 2009 06:56 PM #4
Rainmaker
92,937
Tina Allen
Exit Realty Tri-County - Mount Dora, FL

Sounds like it could be the jumpstart we might need.  Thanks for sharing.

May 12, 2009 09:03 PM #5
Rainer
156,491
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI

This is an outstanding developement that could really make a difference in our market!  Thanks for the news

May 13, 2009 07:56 AM #6
Rainmaker
225,023
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

What he said was they are exploring ways to monetize the credit so borrowers may use the money for down-payment or closing cost assistance. I don't recall him saying they were 'tweaking' the program and did not hear him categorically state that it would become possible - only that they were trying to find a way to do that. While it would make the program even better than it already is, it would also involve a significant shift to up-front costs to the government and that is by no means a given at this time. I may have mis-heard his remarks but in consulting my rather copious notes (about which I will post when time permits) I didn't hear him say it's a done deal yet.

By the way, his use of the term 'bridge loan' also came under some question later with some asking if he understood the definition of a bridge loan (not to his face, of course).

 

May 14, 2009 11:01 AM #7
Ambassador
838,936
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Mirela, and today they say it's NOT happening. I wish they could figure out what they're doing up there!

May 14, 2009 03:12 PM #8
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Mirela Monte

Myrtle Beach Real Estat
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