First Time Home buyers $8k tax credit can be used for closing costs or a buy down.

By
Real Estate Agent with RE/MAX SUBURBAN

Consumers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.

 

Eric P. Egeland
Broker Associate
RE/Max United
ChicagolandHomeSeller.com

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