Delicious Real Estate

U.S. Dept of HUD Building Bridge (loans) to First Time Columbus Home Buyers

June 1st, 2009 Categories: buyers, mortgage, sellers
1st Time Home Buyer Stimulus Monies coming to a Closing Table near You

1st Time Home Buyer Stimulus Monies coming to a Closing Table near You

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidlines, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can’t be used to cover the minimum 3.5 percent. 

Of course I’m wondering exactly how long this will take to be a reality in Central Ohio and how much longer it will delay a potential closing that may already have been delayed by new appraisal restrictions.

In addition, The Ohio Housing Finance Agency has developed its own tax credit bridge loan programs, so Ohio home buyers can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

Comments are closed.

Delicious Communities
Delicious Real Estate
Relocating to Columbus? Why not work with a Delicious Real Estate Agent to help ease the transition by saving you money and time .
What's My Home Worth?