We got so close last week to being able to use the $8000 tax credit for first time homebuyers for the down payment. HUD came out with one of their mortgagee letters stating that short term loans by approved non-profit and government agencies could be used for the down payment and then paid off with the tax credit.
However, within a little over 24 hours HUD pulled the mortgagee letter, something that I dont believe has happened before (or at least is very unusual). At any rate we are back to square one, which is, see if you can get a gift from a relative, employer, or church group. Then if you decide to amend your 2008 tax returns and pay them back out of the goodness of your heart, good for you!
CHFA is still available at this time, although one wonders how long their new program will last. They allow you to use the tax credit and will give you an interest free loan until August 2010. They advise that you pay it off with the tax credit as the interest rate is high and the amortization period (pay back period) short making the payments quite large in some cases.
Time for a cuppa . . .
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