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HUD Reverses Decision to Allow Tax Credit for Down Payment

Tax credit ineligible for FHA down payment

HUD Officials pulled the Mortgagee Letter authorizing the use an up to $8,000 First Time Home Buyer's Tax Credit as downpayment for FHA Loans.

Information is currently limited, but sources indicate that the IRS officials shot down HUD's plan stating that using bridge loans as the FHA downpayment, pending actual reciept of the tax credit, could create income tax issues.

The First Time Home Buyer's tax credit is still available, but must be claimed after the purchase of a home. Click here for more information on the tax credit

 

Roman Alfaro, Jr., & Randy Watson

Mission Realty
7272 Wurzbach Rd., Ste1103,
San Antonio, TX 78240
210-734-5590
mailto: info@satxproperty.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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