First-time homebuyers can get short-term loans for $8,000 tax credit

"Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit.

The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can receive the credit before they complete their taxes.

The FHA had no estimate of how many borrowers would qualify. But the agency, which backs about a quarter of new-home loans, is projected to guarantee about 2.2 million loans in the next budget year."

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First-time homebuyers can get short-term loans for $8,000 tax credit