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 May 12, 2009

First-Time Buyer Tax Credit May be used for Down Payment
The Secretary of the United States Dept. of Housing and Urban Development, Shaun Donovan stated on Tuesday, May 12 that the FHA (Federal Housing Authority) will allow its lenders to permit home buyers to put the current $8,000 tax credit towards the down payment of their home purchase.
The NAR (National Association of Realtors) has been calling for change in what the credit could be used for. In the past, buyers had to wait until their tax returns were file to see the credit, which deterred some from buying.

FHA borrowers will be able to "monetize" the tax credit through the usage of short term bridge loans, allowing the buyers immediate access to the funds at the time of closing.