Yesterday was a very important meeting at the NAR Real Estate Summit in
Washington. The following is an excerpt from that meeting:
"Secretary Donovan (secretary of the U.S. Department of Housing and
Urban Development) said that important changes, which the National
Association of Realtors® has been calling for, will help consumers
purchase a home. "We all want to enable FHA consumers to access the home
buyer tax credit funds when they close on their home loans so that the
cash can be used as a downpayment," Donovan said. According to Donovan,
the 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."
What does this mean for you? First Time Buyers may in fact be able to
benefit from an up and coming change in the way the $8,000 tax credit is
used for the purpose of purchasing a home. We just may see the chance
for a borrower to use the $8,000 at the point of sale!!!
More to come, please stay tuned...
AND: please call me if you have any questions!!! I love talking about real estate.
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