Texas Bridge Loans for the $8000 Tax Credit still exists.  The State of Texas has funded a pool of $5 Million dollars to be used by eligible FIRST TIME HOME BUYERS who qualify for the $8000 Tax Credit to be able to use up to $7,000 for a down payment.

This is great news for those just shy of enough to make the down payment and closing costs.  The bridge loan will be in the form of a 2nd lien, and repayable in 90 days.  That way the First Time HOme Buyer has time to file and receive the eligible funds back from the IRS.  If the funds are not received within the 90 days the loan then becomes on a predetermined payment plan.

Definitely a way that Texas is trying to help the FIRST TIME HOME BUYER get into the home of their choice.  Remember there are limitations on income and home price and a FIRST TIME HOME BUYER is one who has not owned a home within the past 3 years. 

This offer won't last long so call today to get qualified for the Texas Bridge Loan and find your great new home while the money lasts, remember it's first come first served and the $8000 Tax Credit is for a limited time, it is set to end November 30,2009.  Your home must be a closed purchase on that date, but I do not know if the Texas Bridge Loan will last that long.

I work with qualified lenders that will help you get the preapproval process done so we can go look where you want to live, South Austin real estate has great communities, Village of Western Oaks? Cherry Creek? Shady Hollow? Westcreek?  just to name a few.  Call me for more information.  Gail Tassey, Realtor, Sky Realty Austin, 512-217-9482 

http://www.austincomeshome.com