The Federal Housing Administration is going to permit its lenders to allow home buyers to use an $8,000 tax credit as a downpayment.
The US Department of Housing and Urban Development secretary announced the good news. Enabling 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 downpayment. The FHA approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. Buyers will be able to access these funds immediately at the closing table!
Monday, May 11, 2009
Have you noticed how everyone seems to have a different opinion about how long we’ll have low rates? And will they go lower? Here’s the best answer … “we don’t know!” But I can tell you this … rates rise like a rocket and fall like a feather. As soon as we see any significant gains in the stock market or overall economy, rates WILL rise. We seem to have hit a floor for how low, so if you need to refi or purchase, do it sooner, unless you’re a gambler!