As I have recently blogged about, FHA-approved lenders can now provide short-term bridge loans to first-time borrowers eligible for the $8,000 home buyer tax credit, which allows buyers to use the tax credit at closing and then they just pay back the loan once the refund is received. But under guidance issued by the Department of Housing and Urban Development late last week, the loans must be on top of - not instead of - the minimum 3.5% down payment normally required on FHA-insured loans. So that means the $8,000 can go towards repairs required to close and other closing costs or can go towards your principal payment but you still have to come up with the down payment.
But have no fear! Depending on the areas you are making your purchase in, you may qualify for other downpayment assistance programs from the Department of Community Affairs (http://www.dca.state.ga.us/housing/homeownership/programs/GeorgiaDream.asp) and NACA (Neighborhood Assistance Corporation of America - https://www.naca.com).
For more information on how you can get funding for your downpayment, email places2love@gmail.com or call 404.444.5777.
Happy House Hunting!
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