On May 16th I wrote a South Lake Tahoe real estate blog post regarding the FHA now allowing the first time home buyer $8,000 tax credit as part of the down payment. Apparently Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development offered this news prematurely. My blog post was written from information provided from the National Association of Realtors.
Here is a copy of an e-mail that I received from Andy McInnes of Band Of America regarding the current status of the credit down payment option.
As many of you know, the Secretary of HUD stated at the NAR Real Estate Summit last Tuesday that FHA is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. I’ve received multiple emails and phone calls around this subject asking if and when we would participate. We’ve now learned that HUD removed this information and pulled Mortgagee Letter 2009-15 from their website so the remarks by Secretary Donovan may have been premature. HUD will let us know if there is a change in status and we will communicate as needed.
Andy McInnes
It appears that the option to use the $8,000 tax credit as part of the down payment is currently not an option. I will make sure to update my SouthLake Tahoe Real Estate Blog with any new information regarding the tax credit/ down payment option as soon as I hear anything. I take pride in providing the most up to date information regarding the South Lake Tahoe real estate market and I apologize for providing any information that was prematurely released by HUD.
Sincerely,
Brent Johnson
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