Bridge loan on tax credit

10:24 pm Real Estate, Uncategorized

Big news for first-time home buyers who are looking forward to receiving a tax credit.  

HUD announced this week that FHA-approved lenders can go ahead and provide bridge loans to those qualified for the tax credit.  The bridge loan of all or any portion of their anticipated credit can be used to cover closing costs, buy down interest rates, or put down more than the minimum 3.5 percent at closing.

NOTE: The minimum 3.5 percent down payment is specifically NOT included in this list

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