The Federal Housing Administration is going to permit its lenders to allow home buyers to use an $8,000 tax credit as a downpayment.
The US Department of Housing and Urban Development secretary announced the good news. Enabling 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. The FHA approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. Buyers will be able to access these funds immediately at the closing table!
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