The government has given the go ahead for FHA approved lenders to give a type of bridge loan that allows first time home buyers to use the money at time of purchase. The money can be used to help cover closing cost, buy down the interest rate, or put more than the 3.5% minimum down payment. The loan can not be used to meet the 3.5% minimum FHA down payment requirement. This tax credit can be used in cooperation with local government down payment assistance programs.
The tax credit is worth up to $8000.00 and is available to first time homebuyers who have not owned a home in the last 3 years. The tax credit does not have to be repaid and homeowner can get the money in their tax return as well.
I will be happy to help answer any of your questions or concerns. Just contact us.
David Cool, REALTOR & Mortgage Broker
INI, Realty Investments, Inc.
Office: (904) - 265 5180
Fax: 815 - 301 3525