This subject has been in discussion for several weeks, but it looks like it's going to get done.
HUD is going to allow those eligible for the $8,000 first-time buyers tax credit to use a portion of their tax credit proceeds to cover closing costs and prepaid items.
Read more about this development by clicking HERE
Buyers will still need to come up with a minimum of 3.5% to cover their FHA down payment requirement, although that can come in form of a gift.
But the bridge loan on the tax credit figures to bring even more buyers into the market once HUD finalizes its guidelines.
More good news to take to your buyers!
HUD is going to allow those eligible for the $8,000 first-time buyers tax credit to use a portion of their tax credit proceeds to cover closing costs and prepaid items.
Read more about this development by clicking HERE
Buyers will still need to come up with a minimum of 3.5% to cover their FHA down payment requirement, although that can come in form of a gift.
But the bridge loan on the tax credit figures to bring even more buyers into the market once HUD finalizes its guidelines.
More good news to take to your buyers!
