It's official - $8,000 tax credit can be used for downpayment assistance

Heard the news from my mortgage guy, Steve Hochhalter, when he stopped by my open house yesterday. But this was on Realty Times this morning, saving me the research.

Washington Report: $8,000 Tax Credit

Home builders and Realtors cheered in Washington last week when HUD Secretary Shaun Donovan announced that FHA will allow lenders and government agencies to "monetize" the $8,000 federal homebuyer tax credit, providing purchasers with downpayment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check.

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