Thatâ€™s right folksâ€¦it was recently announced that plans are in process toÂ permit FHA-approved lenders to provide short-term bridge loans, allowing eligible home buyers to access the their tax credit funds at closing instead of waiting for the tax credit in 2010.Â This can be your ticket to getting money to help cover closing costs and your down payment.
According to Realtor.org, â€œFHA-approved lenders received the go-ahead to develop bridge-loan products. FHA lenders are currently awaiting guidance from HUD on the development of these productsâ€¦.â€Â Now please be advised that the monies CANNOT be used for down payments but home buyers can use to it to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent thereby saving more moo-la on interest charges.
As you know, the first-time homebuyer tax credit was implemented to help encourage households to enter the housing market while interest rates are low and home affordability is still high. The creditÂ worth up to $8,000 does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.Â
Hey folks itâ€™s time to get off the fence and get on the horn to a real estate agent and mortgage broker today!Â Oh, excuse me my phone is ringingâ€¦.this must be you!