Agent Info
Marisa Swenson
Earth Advantage Broker
971-285-7955
Agency Info
MRealty Inc
2211 NW Front Ave Ste. 101
Portland, OR 97209
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First Time Home Buyer $8,000 Tax Credit Update
UPDATE: CURRENTLY NOT AVAILABLE FOR OREGON TO USE TAX CREDIT UP FRONT, STAY TUNED….
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time home buyers to use the benefits of the federal tax credit up front, 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 guidance, FHA-approved lenders can develop bridge loans that home buyers can use to cover their closing costs, buy down their interest rate, or put more than the minimum 3.5%.
The loans can’t be used to cover the minimum 3.5%, senior HUD officials told reporters on a conference call Friday morning”
Nice that eligible buyers can use it for closing costs but it would have been nice to use it towards down payment like originally announced.
Full article here.
info from Realtor magazine
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