Sounds like Lenders have been given the approval and the green light to allow the $8,000 tax credit to be applied up front to the down payment and closing costs...but
How long will it take before the 1st Time Homebuyer can actually tap into these "bridge loans"?
Any mortgage brokers out there that can shed some light on this question?
I sent the article to one of our realtors with Coldwell Banker and she ran it up her flagpole...the below is the email response our realtor received from their Mortgage Advisor:
ReplyDelete"Hi All, Word is out that forthcoming is an $8,000 "advance" towards their down payment, for 1st Time Home Buyers. In other words, 1st Time Home Buyers will not have to wait to get their check from the IRS.... they can get it early and it can be part of their down payment. Please hold off from discussing this with potential buyers, as there seems to be some "kinks" in this. If this in fact occurs, it will take lenders some time to figure out how to implement it. So I think it would be in everyone's best interest to wait until this "little package" is signed, sealed, and delivered, if it in fact happens! Warm Regards, C.N.