Big Improvement to First Time Homebuyer Credit

On Tuesday, May 12, Shaun Donovan, US Secretary of Housing and Urban Development, announced a major improvement to the first time buyer tax credit program. The FHA is going to permit its lenders to allow home buyers to use the up to $8000 tax credit as a down payment.

He says FHA's approved lenders will be allowed to "monetize" the tax credit through the use of short term "bridge loans". This will allow eligible home buyers to access the funds immediately at the closing table.

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