USING THE FIRST-TIME HOME BUYER TAX CREDIT AS DOWN PAYMENT ON A FHA-INSURED MORTGAGE

On May 29, 2009, the U.S. Department of Housing and Urban Development (HUD) announced a program that allows borrowers to use the first-time home buyer tax credit for a down payment or closing costs on a FHA-insured mortgage. Since the announcement NAR has received many inquiries from our members regarding how this impacts first-time homebuyers in their state.