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About 10:30 this morning HUD Secretary Shaun Donovan said the department is seeking a way to make the $8,000 first-time buyer tax credit available to borrowers to use on down payment and closing costs, instead of waiting for their tax refunds. HUD wants permission for HUD-approved lenders and nonprofits to issue bridge loans to make the $8,000 available to borrowers at closing. "I expect details within just a few days," he said.

The National Association of Realtors, NAR, has been working on this and ran into problems with the IRS because the tax refund is not to go to someone other than the Tax Payer.

I don't know any details but you can read the story here.

Hat tip HousingWire (saw it there first).

Hopefully, if this is true, and Washington acts on this soon, the housing market for First time buyers, who may be locked out because they can not come up with a down payment will open up quickly.