This just came across my desk from Mark over at Express One Mortgage. Interesting info for hopeful buyers.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Hello to all! I wanted to quickly pass along some information that is sure to affect us all. The following was just announced:

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 downpayment. 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.

Now all of this being said, how will they monetize the Tax Credit, you ask

I HAVE NO IDEA how it will work, no guides or descriptions of the program have been released. BUT you can bet this will take some time to implement, they first must determine who will be issuing the Bridge Loan then they must help lenders implement it. So when I get the answers I will be sure to pass along to you.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!