Tax Credit As Down Payment

U.S. Housing and Urban Development Secretary Shaun Donovan recently announced that the FHA's new rules will allow state Housing Finance Agencies and certain non-profit organizations to "monetize" up to the full amount of the tax credit so first-time homebuyers can immediately use the funds toward their down payment and closing costs.

For additional information: http://www.hud.gov/news/release.cfm?content=pr09-072.cfm