There has been lots of discussion and articles this week indicating HUD would allow buyers to use their future tax credit of 8000.00 as a DOWN PAYMENT but as indicated below, the Fed's reversed that decision, therefore, buyers would not be able to get an advance on their tax credit for down payment. The concern was this was no different then the "seller down payment assistance program" that was eliminated as of 1/1/09..
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Stay tuned I am checking with OFHA to see how that will affect the programs they are currently offering.
Why the Stimulus Makes this a Fantastic Time to buy Real Estate
Hi Vanessa,
We had a similar news story here in Montana connected to the use of stimulus tax credit. Our Realtors and Lenders wanted the State to front some money to "lend" the credit check back so that it could be used to get a loan, it failed to pass the Governors desk. I agree in a lot of ways, just because the intention is to reward those who are able, right now, to buy. Where else can you get an $8,000 credit?