Each day I am reading more and more information on the first time home buyerÂ tax credit.Â 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 theyâ€™ve filed their tax return and received a refund.”Â 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
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.Â Take advantage of the market.Â It is a wonderful buyers market.Â Good inventory is going fast and I am seeing it first hand.Â 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.Â Don’t miss out on this great opportunity.Â The tax credit ends November 30, 2009.Â Buy today!