New First-Time Buyer Bridge Loans
If you are a first time home buyer, you are probably aware of the First Time Home Buyer Tax Credit. Essentially, you may qualify for a tax credit of up to $8,000 (10% of the home’s purchase price) if you are a first time home-buyer (or have not owned a principal residence in the last 3 years), you purchase the home between Jan 1, 2009 and December 1, 2009, and you meet certain income caps. You can learn more about the tax credit at: http://www.federalhousingtaxcredit.com.
This month there is new news related to the tax credit:
“Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.” (Realtor.org May 12,2009) This means FHA approved lenders will now be able to offer short-term bridge loans to first-time home buyers, allowing them to use their tax credit as a down payment.
If you are a first-time home buyer and ready to purchase a Charleston area home, please call the rehava ~Real Estate Store today . In addition to the tax credit, you can save even more when you work with rehava – we’ll give you 50% of our commission back too. 843-747-4762