HUD Giveth and HUD Taketh Away The $8000 First Time Home Buyer Credit for a Downpayment
The $8000 first time home buyer credit cannot be used towards a buyer’s downpayment. It’s dead on arrival. After much fanfare last month and at the “gentle” urging of the IRS, HUD re-evaluated the potential addition to the first time home buyer program and decided against using the tax credit towards a first time buyer’s downpayment. Last month, the media was abuzz with the proposed plan. Different people, Realtors, bloggers, writers, etc came out quickly for or against the program. I wrote a post after Shaun Donovan from HUD announced the program on the Seattle Real Estate Professional Blog. Now it’s gone with the wind, so start saving your shekels.
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