New First-Time Buyer Bridge Loans
May 22, 2009 on 2:31 pm | In Housing Market | No CommentsIf you are a first time home buyer, you are probably aware of the First Time Home Buyer Tax Credit. Essentially, you may qualify for a tax credit of up to $8,000 (10% of the home’s purchase price) if you are a first time home-buyer (or have not owned a principal residence in the last 3 years), you purchase the home between Jan 1, 2009 and December 1, 2009, and you meet certain income caps. You can learn more about the tax credit at: http://www.federalhousingtaxcredit.com.
This month there is new news related to the tax credit:
“Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.” (Realtor.org May 12,2009) This means FHA approved lenders will now be able to offer short-term bridge loans to first-time home buyers, allowing them to use their tax credit as a down payment.
If you are a first-time home buyer and ready to purchase an Austin area home, we hope you will call Great Austin Properties today. In addition to the tax credit, you can save even more when you work with one of our Realtors - we’ll give you 25% of our commission back! Learn more about our Buyer Cash Back Program and call us today at 512.600.1800!
