The Federal Housing Administration just announced that it is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment on FHA insured mortgages. Great news for qualifying home buyers!
Often its the inability to come up with the down payment that stops home buyers. This positive modification to the tax credit should be a big boost to the housing market. Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS. Now buyers will be able to use this credit immediately at the closing table.
For more information and to find out if you qualify, go to First Time Home Buyer Tax Credit.
