According to REALTOR Magazine, Shaun Donovan, secretary of HUD informs us that buyers will be able tuse that $8000 as a down payment!!!
This is huge! Previously buyers had to wait to file a return (or an amendment) to take advantage of the tax credit, but money for down payments was still an issue.
Says Donovan: ““We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment.”
This is an important step taken by our government to insure that these funds are used for what they were meant. How exciting!