HUD Mortgagee Letter 2009-15 REINSTATED!!
Let the whiplash continue! You’ll recall that HUD Mortgagee Letter 2009-15 was issued earlier this month and then repealed. It’s now been reinstated. The policy allows the home buyer to use the $8,000 tax credit as collateral for a loan used for closing costs, pre-paids, and down payment. To secure repayment of the amount advanced, the buyer would grant a second mortgage to the lender in the amount of the credit advanced. Essentially, it lets the borrower tap into the $8,000 at closing, rather than wait for the credit when the borrower receives his tax refund. A link to HUD’s website and the letter is http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-15ml.doc
–Russ DeMott
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