Update from Anne Shaffield with Coldwell Banker Mortgage
By CB United Realtors
(Coldwell Banker United Realtors Crestview)
I have some bad news concerning movement toward allowing the use of the $8,000 to facilitate down payments on purchase transactions for first time home buyers. As you know HUD made an announcement on May 12 that they were going to allow homeowners to use the $8000 tax credit as down payment monies by empowering state agencies, non profits and HUD approved Mortgagees to lend the monies to home buyers. HUD drafted HUD Mortgagee Letter (2009-15), however, the letter was never officially released. HUD has since reversed their position on allowing the monetization of the tax credit over concerns that the proposal too closely resembles the now illegal practice of seller funded down payment assistance programs. IRS officials were also concerned that the proposal could create income tax issu...
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