Can The $8,000 First Time Buyer Tax Credit Be Used as Downpayment?

Under a decision announced last week, the U.S. Department of Housing and Urban Development (HUD) will allow eligible first-time home buyers to use the tax credit authorized under The American Recovery and Reinvestment Act of 2009 during the actual home purchasing process. However this Mortgagee Letter 2009-15 issued on May 11th appears to have been rescinded effective May 13th. So in short, as it stands currently first time home buyers.....continue reading