Update On FHA’s Monetization of First Time Homebuyer Tax Credit
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Sorry to be a little late with this update, but I’ve been trying for several days to figure out the real scoop on exactly what happened. For the first time that I can ever remember, FHA actually published a mortgagee letter on their website and then just removed it.
Usually the process of revoking a Mortgagee Letter would involve issuing another Mortgagee Letter with updated rules. Looks like someone at HUD may have gotten ahead of themselves!
For the time being, there is no monetization of the $8000 tax credit. Even if they should re-instate it, it will be months before lenders would be able to get geared up to do it.
Sorry for the unnecessary excitement.
P.S. For anyone who want to see what the mortgagee letter actually said, I have linked the original post to a copy of the now non-existent Mortgagee Letter 09-15.
Tagged with: $8000 tax credit • fha down payment assistance
Filed under: Down Payment Assistance • FHA Updates
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Carl
I though so did you see my prior comments? Thanks for clearing that up , FHA I would hope is going to revamp the letter and allow title companies to disburse the credit prior to closing. If everyone would contact their local Congressman we could speed this up and get some fast deals . Thanks Scott
Damn! You just took away the snowballs chance in hell I had of taking advantage of this yax credit…
HOW WRONG! THIS WAS A LOT OF CHANCE FOR MOST PEOPLE! WHY WOULD THE FHA DO THAT? HOW UNFAIR!
WE ARE ALL WAITING FOR AN EXPLAINATION. IF THEY ARE GIVING US THE 8000 AFTER WHY WOULD WE NOT BE ABLE TO USE IT BEFORE
DON’T UNDERSTAND THE GOV. THINKING