More Tax Credit Info Surfacing

June 9th, 2009 by Amy

Each day I am reading more and more information on the first time home buyer tax credit. The most recent issue are on how a first time home buyer can use the tax credit as a down payment.

“Short-term bridge loans are now available from a variety of lenders so that buyers can tap the benefits of the $8,000 Federal Housing Tax Credit for First-Time Home Buyers upfront. If your clients are eligible for the tax credit, these bridge loans will enable them to use the money for their down payment and closing costs with the credit as collateral. Consumers will have to pay the money back after they’ve filed their tax return and received a refund.” Quoted from Realtor.org

This article discusses four sources of financing and they vary.
1. State HFA Bridge Loans

2. Local Government or Nonprofit Loans

3. Local HFAs

4. FHA-approved Lenders

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At our office meeting this morning, our loan officer discussed how rates in the last week have gone up about 1/2 of a percent. Take advantage of the market. It is a wonderful buyers market. Good inventory is going fast and I am seeing it first hand. I have take a couple of different buyers out recently and many of the homes they are interested in are going under contract very quickly. Don’t miss out on this great opportunity. The tax credit ends November 30, 2009. Buy today!

A CONSUMER GUIDE TO THE FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT

First-Time Homebuyer Federal Tax Credit Info

First-Time Homebuyer Tax Credit Details

Great News! Tax Credit Can Be Used for Down Payment

Frequently Asked Questions for First-Time Homebuyer Tax Credit from the National Association of Realtors website, Realtor.org

First Time Home Buyer Tax Credit Loans

First Time Home Buyer Tax Credit Question

Posted in Buyers, Real Estate, tax credit