First time Buyers across the country can now take advantage of the FHA program that allows qualified buyers to NOW use the $8,000 tax credit towards their down payment, their closing costs, or to pay down their interest rate. I say “NOW” because until May 29, 2009, first time homebuyers had to wait until AFTER they closed on their new home to apply for tax credit…with the new changes, FHA now permits lenders to provide a short-term bridge loan to buyers.
“The ability to use the tax credit at closing should have a meaningful impact on home sales and will allow thousands of families to achieve the dream of homeownership” reports the National Association of Realtors President, Charles McMillan.
But there is a catch….You must CLOSE on your loan BEFORE November 30, 2009. So…to all of you first time homebuyers…now is the time to get off the fence. I know committing to your first home can be scary, but with the abundance of inventory, reduced prices, historically low interest rates and now the availability of the tax credit at closing…there is no better time to buy.
Until next time….
