The real-estate industry rejoiced when Housing Secretary Shaun Donovan told a Realtor conference earlier this month that the FHA was finalizing policies that would allow first-time buyers to apply an $8,000 tax credit towards the down payment of their home. The gist: The FHA would offer bridge loans that would allow buyers to get a cash advance on their tax credit, to be repaid when the buyer receives their tax credit check from the Internal Revenue Service.

That was two weeks ago, and some builders and Realtors are getting antsy as they wait for the effort to materialize. Home buyers, meanwhile, are confused. A memo outlining the program was posted online on May 11, the day before Mr. Donovan’s announcement, but was later pulled. That prompted Internet buzz that the program might not happen after all.

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