Can buyers use the $8,000 tax credit for down payments?

05/20/09

It was first announced at the National Association of Realtors Mid Year convention in Washington DC last week that the US Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) were quickly releasing guidelines to monetize the $8,000 tax credit for first time home buyers, so that buyers would be able to use the tax credit as a down payment for the purchase of their new home. Shortly after that announcement HUD has revised their position and is still reviewing the option of monetizing the tax credit because of a concern that the monetization program could resemble an illegal practice of seller-funded down payments. The IRS has also mentioned that there are potential tax concerns as well.

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