Bradenton Real Estate

May 24, 2009

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

tax credithatwithcash
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment in his speech at the National Association of Realtors Real Estate Summit on May 12, 2009.

Donovan’s remarks came in an address to several thousand Realtors® gathered at The Real Estate Summit: Advancing the U. S. Economy , a special day long session at the Realtors® Midyear Legislative Meetings & Trade Expo.

An excerpt from the announcement is as follows….Home Buyer Opportunity

“And we are taking action to further help the housing market recover. I’m excited to announce here at NAR that FHA’s policy on the “monetization” of the first-time homebuyer tax credit will soon be published. I know that you’ve been waiting anxiously to hear FHA’s position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity forfirst-time homebuyers, but also an enormous benefit for communities struggling to deal with an over supply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation -101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home.

We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to “monetize” the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.

As soon as the details are made available, Regions Mortgage will provide more information.

More here….


Home Buyer Tax Credit
Mary Lou Bear
Regions Mortgage

Office:(941) 747-2085
Cell: (941) 320-9012

Mary Lou Bear has worked in the mortgage industry since 1983 and has experience in all types
of loan programs. Mary Lou is committed to providing professional, first-class service to her
customers. From application to closing, Mary Lou is ready to assist you with all of your mortgage needs.
Call today to get the process started!

The Serena Group


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