Tax Credit Down Payment Issue Updated

Posted by Rich Levin at 5/22/2009 8:16 AM
Categories: National
Tags: tax credit rich levin down payment
The other day I was one of the first people to hear and spread the news of the proposed use of the $8,000 tax credit as down payment money. There has been much talk and speculation and now it does appear that the government is rethinking this strategy. It was pulled because it appeared to violate a federal law that became effective October 1, 2008. Below are a few links about this. I will stay on top of this issue and keep you posted.
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ (notice letter is no longer on this site)

 

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