Tax Credit Towards Down Payment for FHA!

Just out: The Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. This will enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. 

We are hearing that FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

If you are planning on purchasing a home with an FHA loan and are a first time buyer that qualifies for this tax credit -please call your mortgage company or loan officer for details. This of course is brand new so nothing happens quickly in government! Still, this is a great step in the right direction! Let’s hope for more good news as time goes by. If you would like some assistance please visit my web site Email  or phone 949-275-6544 directly. I am happy to take your call and assist you in any way I can.

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