Important news for all first time homebuyers
Reblogged from Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate, the Realtor with the latest information!
HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for home-buyers.
Read more information on the Realtor.org site
Ann Arbor, Saline, Dexter, Chelsea, Ypsilanti, Milan buyers this is exciting news for you. This has been one of the most consumer asked question on my Ann Arbor Real Estate Blog.
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I just hope this is not another band aid effort by the gov't.
Karen, as far as I know only banks do bridge loans. So this eliminates most of the Lenders. The Obama Administration has a way of announcing things with out spelling out how it will be done. I don't know of any bank that has agreed to do these bridge loans. I hope that some step forward to do this but I got a feeling that this like much of what this Administration has put forth so far is going to fall short, because they make statements without having Lenders agree to participate.
I hope that this does go forward. I have a few first time homebuyers that would benefit immensely.
Personally I think its about time some banks stepped forward. They appear to be holding back to the detriment of the general population and the benefit of themselves. And it's unfortunate that they (the banks) have to be prompted.
Guess we shall have to wait and see.
I'm with you Karen. It's time banks step up. My market is 2nd homes but I would like to see the young people in my area actually buy their first home and stay in the area rather than leave. They are almost priced out.
Donna, I suspect this will not happen. The banks are backing down, if anything! Older people are being taxed out and younger people are priced out!