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Government DPA

Mortgage Daily

Published On: May 12, 2009

 

Government DPAHUD secretaries announces monetization of the tax credit

May 12, 2009

By MortgageDaily.com staff
Borrowers will be able to use the first-time homebuyer tax credit toward their downpayments on loans insured by the Federal Housing Administration.

U.S. Department of Housing and Urban Development Secretary Shaun Donovan revealed the news today in a speech to the National Association of Realtors in Washington, D.C., according to a copy of his prepared remarks.“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 downpayment,” Donovan stated. “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.”

The Housing and Economic Recovery Act of 2008, which was signed by President Bush in July 2008, includes a temporary first-time home buyer tax credit of $7,500. The tax credit is expected to generate around 160,000 U.S. home sales.

Details of the tax credit policy are expected to be published shortly.

 photo of Shaun Donovan
HUD photo of Shaun Donovan
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