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The HUD announcement that it would allow the $8000 first time homebuyer tax credit to be used for a downpayment didn't last out the week. All mention of it was pulled from HUD's home page.
Apparently the program as orginally discussed looked too much like the down payment gift programs that were essentially eliminated last year because of the higher foreclosure rates associated with those programs.
NAR (National Association of REALTORS) says HUD is retooling the program and that there will still be a way to do this.
Stay tuned to this space for updates.
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