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 May 29, 2009

Tax Credit Loans for Home Buyers Still in Works
A spokesperson representing the U.S. Department of Housing and Urban Development recently commented that recent news reports which speculate that the federal government is showing signs of retreating away from plans to offer first-time home buyer credits are untrue.
Lemar Wooley who represents HUD, stated that the technical details of the plan are being finalized and will soon be published on both the HUD website and in letters to mortgagees.

The current plan involves the oversight of short-term bridge loans which would be provided to home buyers that are in need of help with a down payment on a home purchase. The bridge loans would be provided by state agencies and other HUD- approved entities. The bridge loans would be repaid form the proceeds of the home buyer's first time tax credit.

The bridge loan plans were made public last week.