FHA came out yesterday with a revised Mortgagee Letter 2009-15. Home owners can file for a tax credit equal to the 3.5% down payment and all closing costs up to 8000.00 on home purchased until the end of the year. The tax credit can be filed on 2008 taxes, so the refund will come back quickly. The buyer still has to source (own money or gift funds) for the 3.5% down payment, but will get that back with the tax credit. Unlike last years version, this tax credit does not have to be paid back unless the home is sold within 3 years of purchase price.

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