Tax credit becomes real cash!
The FHA will now allow lenders and government agencies to “monetize” the $8,000 federal homebuyer tax credit, providing purchasers with downpayment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check.
Under the bridge loan concept, an FHA-approved private lender, a state or local housing agency, or an FHA-approved nonprofit organization could advance as much as $8,000 for downpayment and closing costs — in anticipation of receipt of the $8,000 credit months or weeks down the road.
It has been estimated that half of all would-be first-time buyers lack the downpayment resources needed to complete a purchase, and therefore are unable to make use of the credit.
For more information on the program contact the Orlando Real Estate Pros or call 407-290-3408.
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