May 14, 2009
The latest on the FHA bridge loan to apply the $8000 first time homebuyers tax credit towards a down payment
14 May 2009
Posted by VAR
At about 10 p.m. last night I got an email from Diane Williams, a VARbuzz subscriber, stating that she had heard that the FHA bridge loan had been pulled off the table. She forwarded an email from a loan officer stating that OMB had asked FHA to do it.
Earlier this morning I asked my friends on Twitter if they could shed any more light on the issue. I shortly thereafter received an email forwarded to me that was sent out to Long & Foster agents by David Stevens, currently the President & Chief Operating Officer at L&F (and soon to be FHA Commissioner) stating that the FHA bridge loan had been “pulled back by OMB.”
There is no explanation for this action on OMB’s Web site or HUD’s.
Several blog posts have popped up today explaining the situation. Here’s the best explanation I can find.
Today at NAR’s MidYear meetings, a delegation of Virginia Realtors received a private briefing from Ken Wingert, a senior NAR lobbyist. He explained that HUD is expected to finalize this program next week.
But given the earlier false start, some may choose to treat future announcements with a bit more caution.