I wanted to let you know about some interesting news that was just released today in regards to the First Time Home Buyer Tax Credit. Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.

Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table."

While this article didn't go into detail about how this will work, this could be very good news for first time home buyers! As always, I will keep you updated with any and all new information regarding the housing market. Again, if you or anyone you may know is a first time home buyer - please have them contact me or see www.TexomaListings.com to take advantage of this opportunity.