HUD Pulls Letter Allowing for Monetization of $8,000 Tax Credit
By now this is old news and no surprise to those in the mortgage industry. It seems that when HUD Secretary Shaun Donovan announced the monetization of this tax credit so buyers could use it for their down-payments, he forgot to check with his own FHA lending guidelines. It's an idea that sounded good to a lot of people and could have helped the real estate recovery but would be; one, challenging to implement and two, difficult to sell the paper on the back end, i.e. monetize the tax credit and you may not be able to monetize the entire loan.
And, really, after everything we've been through in the last two years, should we be risking our fragile recovery by putting first time home-owners into homes they can barely afford with no money out of their own pockets? I think the HUD Secretary had good intentions and was bowing to political pressure - but this idea should stay on the shelf for now.
And, really, after everything we've been through in the last two years, should we be risking our fragile recovery by putting first time home-owners into homes they can barely afford with no money out of their own pockets? I think the HUD Secretary had good intentions and was bowing to political pressure - but this idea should stay on the shelf for now.
Posted by msatterlee at 5/25/2009 9:53 AM 
Categories: Finance,Business,Real Estate,Mortgage,Financial,Lending
Tags: Housing EZdigs EZdigs.com Housing Market
Categories: Finance,Business,Real Estate,Mortgage,Financial,Lending
Tags: Housing EZdigs EZdigs.com Housing Market
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It's an idea that sounded good to a lot of people and could have helped the real estate recovery but would be; one, challenging to implement and two, difficult to sell the paper on the back end, i.e. monetize the tax credit and you may not be able to monetize the entire loan...
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Why we may not be able to monetize the entire loan?
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Why it Allowing for Monetization of $8,000 Tax Credit?
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This post presents a pretty compelling argument. Looks to me HUD Secretary Shaun Donovan failed to consider some important details of the monetization.
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What would you like me to say about this issue? I have that document from HUD, however, this story says it all, frankly. As for the family related matter of work being done at the BHA- I can appreciate HUD's concern, however, this is a minor issue, and doesn't amount to a hill of beans, yet the appearance is what counts. Housing Director Gordon Stitham is fairly new at his job, but I think he does a good job admistering his operations. He has a huge responsibility, and many complex issues to deal with. As for the land deal, keep in mind that there are five members of the housing board, that were fully informed of that issue before the signing on took place, yet decided to go with it anyway, and to hell with what may be in the offing.
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like you believe that this new tax credit is not only a tremendous opportunity for first-time home buyers and but also an enormous benefit for communities struggling to deal with an oversupply of housing. We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment................
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Anthony Our Political Action Team at Wells Fargo Home Mortgage is extensively participating in the negotiations of this...There are so many implications that stem from a borrower's CPA involvement and taxable qualifications for this up front money that there are some plans for a soft 2nd that will be paid off once the actual credit is given.
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