UPDATE: HUD has withdrawn the program allowing a borrower to use the tax credit for down payment funds.
I have great news for all of you first time home buyerswaiting to save the money for the 3.5% down payment required for the FHA loan. The government is going to allow your lender to use the $8,000 tax credit as a down payment for your new home.
According to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, the FHA's approved lenders are going to be allowed to use the tax credit by creating a short-term bridge loans thus allowing eligible first time home buyers to have access the tax credit money at the closing table.
So if you are in the market for a home, NOW is the time to get moving. The $8,000 tax credit is not going to be here forever.
Contact Ann Hayden www.SelectAnn.com today to get started on owning your own home.
© Ann Hayden, 2008-2009. All rights reserved and may not be reproduced or reprinted without express written permission of Ann Hayden, real estate agent with Prudential Select Properties Chesterfield, Ballwin, Wildwood Office. Information deemed reliable but not guaranteed.
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Ann Hayden Realtor St. Louis Missouri
For All Your real estate needs: www.SelectAnn.com
© Ann Hayden, 2008-2009.
Ann, this is great news for Buyers! The time is now to take advantage of this credit.
Have a great day,
Marti
Marti,
It really is a great time to buy a home... Thank you for stopping by!
Ann
Ann, I just called my lender and I guess the issue at the moment is who is going to do the short term bridge loan. I hope they get it figured out.
Marchel,
I hope they do too!
Ann
Ann - Don't forget that MHDC already has a tax advance loan program in place for Missouri buyers. The good news is that provision opens the market to more FHA approved lenders so the MHDC isn't the only game in town.
Ryan,
I wonder if the VA will get into the game next...
Ann