FHA Borrowers Can Use New Tax Credit, But Not as Substitute for Downpayment
June 4, 2009
The Department of Housing and Urban Development surprised some market observers by laying down fairly conservative ground rules on the use of the new $8,000 homebuyer tax credit for FHA loans by still requiring these borrowers to make the minimum 3.5 percent downpayment from their own funds. As part of the American Recovery and Reinvestment Act of 2009, Congress revamped the tax...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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