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Daniel Mower
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Daniel Mower answered:
I can tell you that NYS is not doing this, due to a "lack of funding".
The way this is being done in other states is as a bridge loan that would be repaid at the time of your tax filing.
However, what many home buyers are doing is filing an amended 2008 tax return to receive the benefit on the 2008 taxes so that they do not have to wait until next tax season. This does not help with closing or down payment, but it is a good way to go.
Another option: there are local banks who are offering bridge loans for the credit themselves instead of doing it through FHA.
I would check with your bank to see if they would consider this option.
Hope this helps!
The way this is being done in other states is as a bridge loan that would be repaid at the time of your tax filing.
However, what many home buyers are doing is filing an amended 2008 tax return to receive the benefit on the 2008 taxes so that they do not have to wait until next tax season. This does not help with closing or down payment, but it is a good way to go.
Another option: there are local banks who are offering bridge loans for the credit themselves instead of doing it through FHA.
I would check with your bank to see if they would consider this option.
Hope this helps!
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