David to my knowledge there are no companies in MI doing this. It has to be a non profit and approved by HUD. I checked tons and non are offering this in MI at this time.

If there were a program the mortgage reps and agents in MI would know.

Ok so i guess to answer my question i would need to know ...
Where and how can i apply for the 8000 tax credit bridge loan in michigan?
Has anyone done this yet?

A few states are listed here but michigan is not
http://www.ncsha.org/section.cfm/3/34/2920

"FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate."

http://www.mirealtors.com/content/News.htm?view=3&news_i…

-Jared H.

Yet another case of politicians making a big deal about some "great program" only to leave out the fine print that it could be months before lenders (and HUD for that matter) wrap their heads around how to handle the logistics.

As soon as CNN posts a story about this people all of the sudden think the Obama Administration waived a magic wand and it's done.

It's not your fault David because I know that various news outlets reported it that way. As someone in the lending industry who has had to field several calls about this and even had potential homebuyers threaten to walk because they read it in the news and I'm not telling them what they want to hear, I just wish the govt and media would do a better job of including all the facts before they go looking for a pat on the back.

David,

If you already haven't done so you may want to look over the Tax Credit information on the IRS site.
It is easy to read and informative. They do have the final say in most Tax matters.

Home Buyers Tax Credit.... http://www.irs.gov/newsroom/article/0,,id=187935,00.html

Tax form for Credit.... http://www.irs.gov/pub/irs-pdf/f5405.pdf

Expanded Tax Break Available for 2009 First-Time Homebuyers ... http://www.irs.gov/newsroom/article/0,,id=204672,00.html

The American Recovery and Reinvestment Act of 2009: Information Center
http://www.irs.gov/newsroom/article/0,,id=204335,00.html

David your mtg rep is right, you can not use this for the down payment in this area. HUD did at one time come out and say you could use the $8000 for the down payment then retracted it. They came back out and said you could use it in addition to the 3.5% but as a loan. However, the approved company used for the loan in this area said they are not participating and the loan has to come from someone approved from HUD and not from anyone involved in the transaction.

You may already know this but the credit is 10% of the purchase price with a max $8000 and you have to qualify. Also, you can always file an amendment on your taxes and get it this year and just apply it to your loan. It won't reduce you payment but will at least be applied to your mortgage balance and save you some interest.

Hope this help.

This is only being done in 10 states at the present time,and I do not believe Michigan is one of them.

David

You may find some information and interesting discussion on your question here....

http://activerain.com/blogsview/1094377/-8-000-first-time-ho…

Good luck, Dunes

BTW Jason gave you a pretty honest and good summation of the situation in his answer in my opinion. TU

David,

It is possible, but not probable. The guidelines exist to do it, but most lenders have not established how to handle the credit internally and so are not supporting it. Wells just released guidelines for the credit last week, you can try them but it won't be easy. Sorry there's no easy answer on this one.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com