Down Payment via U.S.

I recieved this article concerning use of FIRST TIME HOME BUYERS TAX CREDIT for a down payment. In order to look for information on homes on the market visit me at davidangione.com or email david@davidangione.com

Please read the article below

There appears to be a lot discussion regarding the use of the $8000 tax credit for a down payment prior to receiving this refund.
Please read the brief article below forwarded to me by our V.P. of secondary marketing.

Randy

Randy Milani
Vice President
Consumers Mortgage Corporation
1953 Englewood Ave.
Akron, Oh. 44312
Office: 330-798-4677
Fax: 330-798-4678
Cell: 330-603-7400
Email: rmilani@consumersmortgage.com
From: Ray Hackenberg Sent: Wednesday, May 13, 2009 9:39 AMTo: AllUsersSubject: Down Payment via U.S.

Down Payment via U.S.
U.S. housing officials are working on a plan that would allow some first-time buyers to purchase homes without digging into their pockets to fund a down payment. Rather, they would be able to put an $8,000 income tax credit for first-time buyers toward their down payment on loans backed by the Federal Housing Administration.
Under such a program, the FHA would allow approved lenders, nonprofits, and state and local governments to fund short-term loans that could be down payments to be repaid once the borrower received the tax credit.
The FHA requires a minimum 3.5% down payment on loans backed by the agency, which means that homeowners could pay little or nothing upfront on homes up to $230,000.
—Nick Timiraos Printed in The Wall Street Journal, page C6

Ray Hackenberg
Vice President Secondary
Consumers Mortgage Corporation
7851 Freeway Circle
Middleburg Heights, Ohio 44130

440-826-1000 ext 239
440-398-8010 Fax
rhackenberg@consumersmortgage.com