I recently received another update on the $8,000 Tax Credit for a Downpayment.
This one is from Annie Davenport at Homestate Mortgage in Wasilla.
Annie forwarded an email from John Carman, the president of Homestate Mortgage, that he sent to the mortgage loan officers in his company. I received permission to reprint his email “as is”. I appears that once the government has taken your money, it’s a little difficult to get it back…suprised anyone?
Here is John Carman’s email on the subject:
Just so we are all on the same page – HUD has given a ruling on using the $8000 tax credit at closing.
So the rest of this only applies to FHA loans –It is – of course – confusing at best. It does allow for section 528 lenders (ahfc, Anch Neighborhood) to advance these funds – as far as I know neither of these entities has devised a program to do this.
It also appears to allow other parties to purchase the credit – but in that case the buyer still has to have their own 3.5% – there are a lot of strings attached and at this point we don’t have anyone that has stepped forward to do this either. We will let you know when we think all of the parts to the program are really in place.