As the loan programs continue to change, many Buyers are excited about the $8000 tax rebate, but do not have sufficent funds for a downpayment. The National Association of Realtors has been working towards a more immediate solution.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said on Tuesday “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.” This translates into a non-secured loan for 1 year from the lender to the Buyer (read your lender’s fine print regarding exclusions).
To check your eligibility, visit the WRA’s First Time Homebuyer’s Website. Call me today to discuss your home-buying opportunities in Dane County!