At yesterday's NAR meeting in Washington, D.C., Shaun Donovan, the secretary of the Department of Housing and Urban Development announced a major change in policy.
Previously, as we all know, under certain conditions a tax credit of up to $8,000 could be earned by purchasing a house prior to the end of this year.
Mr. Donovan advised that the program had been changed to allow qualified borrowers to use the funds as down payment at closing through short-term bridge loans.
For more details, see this article.
