Newsbreak from May 12th.
The Federal Housing Administration just announced at the National Association of Realtors midyear conference in Washington DC, that the FHA is now going to allow the $8000 first time homebuyer tax credit to be used as down payment in the purchase of qualifying property. See my previous posts regarding this tax credit. We do not have all of the rules and regulations as to how this will be implemented yet, but it appears that the home buyer will get a short term bridge loan in the amount of the $8000 and the proceeds from that loan can be used for the down payment. It appears that this will only apply to FHA loans, but that is not definitive at this point.
As I get more information on this latest development, I will pass it on to all of my Durango real estate clients. Please stay tuned for further information.
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