The recent buzz from the recent remarks that HUD Secretary Shaun Donovan made at the NAR Real Estate 
Summit has evidently been revoked, before it was implemented. The Mortgagee Letter has been pulled from HUD's site.
When the news story broke, and it is all over the internet world, there did just not seem to be enough time to implement the plan. The tax credit expires in November.
It now appears that Sec Donovan's remarks were premature. There is some discussion now about why the plan was apparently pulled. I just think it was a great idea that was announced before it was fully considered. What would be the impact? How would it be implemented? How would it be managed? How much would it cost?
Monetize the Tax Credit - Use for your down payment now
For Tennessee first time home buyers THDA still offers a second mortgage program that will effectively monetize the tax credit.
We already have some purchase applications started that are taking advantage of this great program opportunity.
For details on how the THDA Tax Stimulus program works, visit my previous post here.
|
Thank you for visiting. This is the professional blog for |
|
Richard Smith Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC). |
|
Stearns Lending, Inc |
|
Cell phone: 423-280-0345 Email: RSmith@Stearns.com |
|
Visit my website to inquiry about a home loan. |
|
Read my most recent articles in Scotsman Guide. |
|
This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Stearns Lending, Inc. |
Hi Richard. With blogs now so popular and so many writers, there is little chance that something like this wouldn't have traveled so quickly. Which begs this question. I wonder how real estate professionals that don't blog or read the blogs keep up. Nothing happens today that doesn't fly through the networks in a split second. It is amazing when you think about it. News today, history tomorrow.
William,
You are so right, and especially with this announcement. And it was a real announcement. He flat came out and said it in a prepare speech.
Everyone wanted to put it out quickly. Some posts indicated that is was available now. Twitter had posts announcing the FHA monetization program well after the reports came out that the program might not be implemented.
Fast and furious.
I like it though.
Any dove update?
Richard
Gotta be careful that we are giving out correct information - sometimes there is more to the story, luckily I am slow to post breaking news. :)
Miss Virginia,
Great to hear from you. Looking for some more great photos from the desert.
Richard