Getting the Tax Credit at closing would certainly help a lot of First Time Homebuyers. But are we going 
down the same slippery path of the past?
Here is some details I recieved from one of my local lenders… you be the judge!
In The News: download Chemical Wedding
On Monday HUD announced yet another policy change to assist the housing recovery. Buyers qualifying for the first-time homeowner tax credit incentive may now obtain the funds received from the tax credit at closing. Federal, state and local government agencies, non-profit instrumentalities of government, FHA approved non-profits and FHA approved lenders may provide short-term or bridge loans secured only by the anticipated tax credit due homebuyers as collateral.
The advance cannot exceed the required down payment, closing cost and prepaid items. The new release provides for various options to include principal & interest payment deferment a minimum of 36 months, a lien requiring immediate payment of P&I or a balloon payment not less than 10-years from closing.
My group of Brokers and Agents love working with First Time Home Buyers for Charlottesville Real Estate. Feel free to contact us anytime!
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Original post by Charlottesville Real Estate – Your Trusted Broker Charles McDonald (RE/MAX Assured Properties – No one sells more Real Estate) and software by Elliott Back
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