$8000 tax credit as downpayment... HUD says program NOT killed!

According to my lender sources and The Arizona Herald article "HUD says bridge-loan program hasn't been killed", HUD is still moving forward with a plan to let first-time homebuyers use the currently available tax credit of up to $8,000 as collateral for "bridge loans" to cover the down payment on FHA insured mortgages.

According to the article, HUD spokesperson Brian Sullivan stated that the program details haven't been finalized and would not say when the bridge-loan program would be initiated, or whether it would be substantially different from what originally was announced.

Let's all keep our fingers crossed that this program will be approved... it might just be the shot in the arm that the real estate market and our economy needs to recover!

For background information regarding this potential program, read my previous blog post: HUD withdraws option to use $8000 tax credit as down payment... at least for now