Breaking News!

This just in - HUD today released approval for first time home buyers to use their tax credit as a down payment!

Details are being provided to mortgage lenders, but the bottom line is that if a buyer is eligible for the tax credit (up to $8,000), they can arrange to use that as their down payment for FHA loans!

So, if a buyer needs $7,000 to purchase a $200,000 home, they can arrange for their lender to provide a "bridge loan" until they recive their tax credit from the IRS. They will still be able to keep the other $1000 for their use.

This is a huge incentive to the program and as we get details, I will post them here and on the web site.