HUD: Tax Credit Can Be Used on Closing Costs
May 30, 2009 by admin · Leave a Comment
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. Read more
HUD COMES TO THE RESCUE…
May 13, 2009 by admin · Leave a Comment
MAKING IT THE PERFECT TIME TO BUY YOUR 1ST HOME!
Exciting news today - HUD secretary Shaun Donovan announced that FHA has come up with a way to let First Time Homebuyers use the new $8000 tax credit as part of their down payment when they buy their 1st home. Instead of waiting until close of escrow, then filing your tax returns, and waiting for the check to appear, you will be able to use it at closing. Read more
