Shaun Donovan, the secretary of the US Department of Housing Development announced yesterday morning at a meeting of realtors® that FHA lenders had decided to allow home buyers to use the $8K tax credit as part of their downpayments.
These important changes, which the National Association of Realtors® has been calling for, are a step towards trying to help stabilize a struggling housing market in many parts of the country. The $8K tax credit will be monetized through short-term bridge loans through FHA approved lenders, thus allowing potenial home buyers to gain access to the funds quicker.
This is certainly welcome news for home buyers and I’m certain that home sellers will be excited to know that this added incentive has been made available to those interested in purchasing their home!
