Yesterday, it was announced that the Federal Housing Administration was going to allow homebuyers to use the $8,000 first-time home buyer’s tax credit as part of a down payment through a short-term bridge loan. Almost as quickly as it was announced, however, the Office of Management and Budget placed at least a temporary hold on the plan.
So, at least for now, you can’t plan on using the $8,000 tax credit as part of your down payment on an FHA loan – hopefully we’ll have more of an update soon.
