As many of you have probably heard by now, FHA is going to allow the Tax Credit to be used as a down payment on the purchase of a new home. That is pretty exciting except that FHA is not a lender so the lenders would have to put this into practice.
So that leaves us with a couple of questions:
1. Who is going to front the money to the borrowers, will they charge a fee, any interest?
2. How will the borrower get the money?
3. How long will it take to get the money?
None of these questions have been answered as of this time. So although this is a good idea, it may or may not become a reality.
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Keller Williams Real Estate Heather Rickert |
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