Yesterday I posted that Shaun Donovan, Secretary of HUD announced that buyers could get the $8000.00 tax credit to use as a bridge loan for a down payment on a home.
I read the information at the National Association of Realtors website.
There was a letter put out by HUD which may no longer be available.
Well it seems that this information is WRONG!! At least today that is.
I called HUD to find out for myself and they told me the letter that had stated this information had been rescinded. That was all the information they would give me, no reason, nada.
Sorry if we got some peoples hopes up, I think Secretary Shaun Donovan ought to provide some kind of explanation.
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Michael, A lot of people got their hopes up over this!
Unfortunately, HUD is a slow moving monolith and since they recently OUTLAWED the gift fund system they intended to use there are essentially no organizations who can funnel the funds in a timely manner to facilitiate closing. The sheer necessity to prequalify a person for downpayment funds IN TIME to close a purchase when their own underwriting processes at HUD have become bogged down in new layers of oversight …well there are just so many new stimulus programs being introduced to keep the underwriters (and us) learning new guidelines on a daily basis. As you know, so many things can happen to…so having funds floating around between lenders and HUD and the IRS was…well…ambitious at best. A tax credit is much more manageable.