More good news coming out of D.C. regarding putting a fire under the real estate market. The latest news is just what the doctor ordered for first time home buyers who are sitting on the sidelines because they don't have money available for the 3.5% down payment on an FHA loan.
The HUD secretary announced yesterday that first-time home buyers would have access to the tax credit funds when they close on their home so that the cash can be used as a down payment. This is possible by governmental agencies providing a short term bridge loan that would replace the tax credit, until the buyer receives their tax refunds.
This program was approved by the Legislature last month, but is temporarily delayed while they are working out an IRS rule issue.
All you folks who've been watching from the sidelines...now is the time to jump into the game (using Uncle Sam's money)!
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