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UPDATE5 : IT”S OFFICIAL — for the time being at least. HUD announced the finalized details of their plan to allow FHA borrowers to “monetize” the $8,000 first-time homebuyer’s tax credit provided under the president’s American Recovery and Reinvestment Act of 2009. While the tax credit CANNOT be used to meet the downpayment requirement, it can be used to contribute to either a higher downpayment or to pay for closing costs : Currently, borrowers applying for an FHA-insured mortgage are

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Random Feed wrote an interesting post today on
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UPDATE3: According to statements published today in the National Association of Realtor’s (NAR) online magazine, plans to allow the first-time homebuyer tax credit to be used as a downpayment are still on track : News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says. “The technical details are s

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WASHINGTON – When U.S. Housing and Urban Development Secretary Shaun Donovan announced last week that first-time homebuyers soon will be permitted to turn their $8,000 tax credit for purchasing a property into downpayment money, he called the development “exciting” and “a real win for everyone.” But his enthusiasm isn’t universal. Amid the buzz the program has generated over the possibility of jumpstarting the sluggish housing market, some worry that “monetizing” a tax credit - which means

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Random Feed wrote an interesting post today on
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Clarification before you read : Yes, you can use the tax credit as part of your downpayment. I have stated this before. If it comes from non-profit organizations or Federal, local, or state agencies. I mentioned this in my other blog, in the bullet points . But just from the few comments and some on facebook, you are missing the POINT. It’s fraud to apply for this tax credit through the IRS, prior to actually buying your home, if you receive the monies from the IRS DIRECTLY. Please s

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(Story originally published on 5/18/09) UPDATE1: As reported by the Arizona Republic , “Federal officials on Monday reversed an earlier decision to allow first-time home buyers to use an $8,000 tax credit to borrow the down payment on a home.” Since the Republic was the only news source we could find that was publishing this “new” information, we contacted the reporter for more specifics, and are currently awaiting a response. When we find out more, we will be sure to let you k

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