Buyers in Santa Clarita Valley and beyond, this is exciting news for you!
HUD Secretary, Shaun Donovan announced that FHA Lenders are going to be allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to 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 downpayment,” Donovan said. According to Donovan, the 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.
The rate on the bridge loans were not mentioned, but it is another resouce and consideration for home buyers! The National Association of Realtors continues to work dilligently on efforts for home-buyers.
Read More at Realtor.org
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