2nd Update: HUD’s Monetization Of The $8000 First Time Homebuyer Tax Credit

By Ken R. Trippet • June 16th, 2009

Just a short update to make sure the latest information is available on the site – even though what I’m about to tell you isn’t really “information” yet in my view!

According to a report in Realtor Magazine, HUD spokesman Lemar Wooley has stated that the proposal is still on track. As I suspected from the fact that the original Mortgagee Letter 09-15 was fairly fuzzy on the details, it appears they just got a little ahead of themselves.

According to Realtor Magazine:

The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site,” Lemar Wooley, a HUD spokesperson, told REALTOR magazine Wednesday afternoon.

There are many problems to be worked out – such as how the money can be used as a down payment, how they intend to deal with the fact that some people may have unsurfaced tax problems that interfere with paying the money back, exactly who will loan the money and how they will do it and so forth.

In the meantime, hold your breath. Maybe they’ll get it right the first time, unlike FHASecure and Hope for Homeowners.

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