New First-Time Buyer Bridge Loans

Posted by Michael Reilly on Friday, May 22nd, 2009 at 2:31pm.

If 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 at 512.600.1800!

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