HUD approves $8,000 tax credit to be used for down payment or closing costs

Today HUD approved the $8,000 first-time home buyer tax credit for buying a new home to be used for down payment or closing costs with FHA loans.  The catch: Finding someone to loan the money up-front against the forthcoming tax credit since no government agency wants to touch it.  We’ll see how this pans-out.  It could be a huge help for may first-time home buyers and those that haven’t owned a home in three years.

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