Update: OMB has asked FHA to hold off on tax credit bridge loan program
Tuesday evening I blogged about the FHA program that would have allowed first time home buyers to use the expected tax credit as a down payment. Apparently, at the request of OMB, FHA has withdrawn Mortgagee Letter 09-15. Hopefully this action is only temporary.
The text of the withdrawn letter can be viewed here. As more info becomes available I will keep this updated.
(Thanks to my friends at Virginia Association of Realtors for being a great source of information.)
