Not so fast, wait for the official announcement
We all know how fast information can speed around the Internet. Read about something in more than a few places and it seems credible. Yesterday, I posted that FHA would allow the $8000 first time homebuyer tax credit to be used as a down payment. It was announced by the Secretary of Housing and Urban Development, Shaun Donovan at the National Association of Realtors mid year legislative summit.
I indicated that the official announcement and details would be announced by HUD next week and linked to one of many websites offering additional information.
In fact, it was very credible ... yesterday.
Fast forward to today.
HUD had the speech on their website yesterday. It has been removed today.
The NAR announced it on their website. It is still there.
Many real estate bloggers are probably writing something similar to this post advising interested first time homebuyers that the official announcement and details have not been formally announced by HUD yet.
It seems that a lot of contradictory information is currently blazing around the Internet that questions whether the FHA will in fact allow the tax credit to be used as a down payment and if so, how it would be handled by the mortgage lenders.
So it may or may not happen. Stay tuned. 