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Step 2. Pre-Qualify for your Home Loan
Step 3. Find Your Home
Step 4: Obtain your Funds
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UPDATE #2: May 19, 2009…
Click this link for an update regarding the Monetization of the New Home Buyer Tax Credit Information from HUD & NAR (National Association of Realtors ®)
UPDATE: 5/16/2009…It appears that there is some additional information which will be forthcoming from HUD & NAR regarding this issue and FHA guidelines for homebuyers. This post will be updated as soon as the latest information becomes available regarding the details of the proposed monetization of the new home buyer tax credit.
Original posting: May 12, 2009
In an announcement yesterday to participants in the mid year National Association of Realtors meeting in Washington DC, the HUD Secretary Shaun Donovan said that HUD will allow its’ lenders to permit homeowners to use the tax credit for a new home purchase as a downpayment. (Credit available for those purchasing a new home for the first time or who have not owned a primary residence for the past 3 years)
Here are excerpts from the article published by the National Association of Realtors. The full article can be accessed here.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan’s remarks came in an address to several thousand Realtors®gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo here.
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “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 downpayment,” Donovan said. According to Donovan, the 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.
If you’ve been thinking about purchasing a new home in Grand Rapids, MI as a first time home buyer and wondering where you would find the cash for the downpayment, this may be just the break you’re looking for!