$8,000 Could be Used for Down Payment!
May 13, 2009 by Gary Sattelberger · 1 Comment
WSJ is reporting, HUD through the FHA is working on plans to allow first-time home buyers to use the $8,000 tax credit for purchasing a home as the down payment if the loan is done through approved lenders and non-profits.
This is big! Not only would you not have to pay back the $8,000 but you wont have to wait for it to come as part of your tax refund. Talk about having your cake and eating it too.
Details have yet to be finalized, I’ll be following developments so stay tuned.
It will be interesting to see what comes out of that – it definitely is huge since getting the down payment is usually the hardest part. I’ll have to follow on this one as well.