FHA,VA and Conventional Home Loans » Hud http://socalfhahomeloans.com Fri, 27 Jan 2012 15:40:45 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Using the $8,000 Tax Credit With an FHA Loan http://socalfhahomeloans.com/using-the-8000-tax-credit-with-an-fha-loan/ http://socalfhahomeloans.com/using-the-8000-tax-credit-with-an-fha-loan/#comments Sat, 06 Jun 2009 14:23:34 +0000 Rob http://www.socalfhahomeloans.com/?p=169 Using the $8,000 Tax Credit With an FHA Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States

Using the $8,000 Tax Credit With an FHA Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States I wanted to update some new information that has come out regarding using the $8,000 federal tax credit available to home buyers purchasing a home by November 2009.   Recently HUD has talked about [...] Related posts:
  1. California Offers Own $10,000 Home Buyer Tax Credit On Top Of Federal Credit
  2. U.S. FHA to apply $8,000 credit to home buying costs
  3. $8,000 Tax Credit and FHA Loans
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Using the $8,000 Tax Credit With an FHA Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States

I wanted to update some new information that has come out regarding using the $8,000 federal tax credit available to home buyers purchasing a home by November 2009.   Recently HUD has talked about allowing borrowers to “monetize” the tax credit and be able to access that money when they close to help them with the money needed to purchase the home.   There has been a lot of mixed information and confusion about this as HUD 1st issued a mortgagee letter about it a few weeks back and then retracted that.  But I will summarize the latest information on it.

HUD is basically saying now that they will allow borrowers using FHA loans to get a bridge loan for the tax credit the help with paying closing costs.  This bridge loan would be a “silent 2nd” loan for the amount tax credit that would eventually have to be paid back by the borrower.  It may or may not have payments.   However borrowers would still have to have the 3.5% minimum down payment needed for an FHA loan.   Government agencies and non-profit groups are supposed to be offering this bridge loan.  However to date there are no agencies offering the bridge loan.

So in summary, in the near future you may be able to get a bridge loan in the amount of the tax credit due to you to help pay closing costs if you purchase a home with a FHA loan.   However at this time there no agencies set up to offer the bridge loan.  But stay tuned and we will update you when there are.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer and FHA Loan Specialist

858-922-7899

rob@affinity-financial.com

Related posts:

  1. California Offers Own $10,000 Home Buyer Tax Credit On Top Of Federal Credit
  2. U.S. FHA to apply $8,000 credit to home buying costs
  3. $8,000 Tax Credit and FHA Loans
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