How can you use the $8000 homebuyer credit as part of down payment?

Thanks in advance!
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Some banks are now offering bridge loans for this. Ask the mortgage lender you are using, or the bank you are getting your loan through.
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Correct answer ..... you can't


Per FHA guidlines, a borrower can only obtain monies for their actual 3.5% downpayment from the following sources:

* Their own funds
* Up to 100% gift from relative/family member
* FHA approved non-profit organizations
* Monies from their employer in the form of an employee contribution
* Monies from secured borrowed funds, i.e ...401k, another home/car


You're probably referring to a letter put out by HUD/FHA earlier this month, which said that the tax credit could come in the form of a "bridge loan". That letter goes against FHA laws and has since been recinded.

That's not to say it won't in the future, but for right now, the only way you can provide a downpayment is from the items I listed.


Hopefully this helps
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By filing an amended return for last year, and getting the cash. The FHA pretty much said this is ok. Sub prime crazy, but that's what is happening.