mortagesandforeclosures

In what could be a huge boost to the housing market, HUD Secretary Shaun Donovan’s has decided to allow florida fha loan to use the $8,000 government tax credit to help cover their down payment and closing costs on FLA FHA mortgage loans. One of the biggest challenges for first time home buyer is saving up enough money for a downpayment on their home. The FHA program in particular requires the borrower to come to closing with 3.5% of the purchase price as their downpayment. Often borrowers have to borrow these funds from federal, state and local government agencies to supply home buyers with short-term or “bridge loans” of up to 10% of the purchase price, up to the amount of the $8,000 government tax credit.Longer term loans secured by second liens can also be used by government agencies and federal, state and local government agencies to facilitate home sales. Several state housing finance agencies have introduced such programs and a number of agencies are considering that possibility.More information about these programs can be found on the National Council of State Housing Agencies Web site at www.ncsha.org/section.cfm/3/34/2920.Previously, the home buyer would have been unable to access the government tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS. Until then they borrowed the funds from family and friends with the understanding that they would be able to pay it back after they filed their income taxes.The next step is to see how best fha lender-approved lenders use HUD’s new guidelines to actually monetize the tax credit for first-time home buyers and structure the payback provisions of the loans. NAHB encourages lenders to act promptly to put these provisions into place. To qualify for the government tax credit, first-time home buyers must actually close on their home purchase by Dec. 1, 2009. Buyers can take the credit on their 2008 or 2009 income tax return.Information about the details of exactly how this program will be rolled out are still forthcoming. We do know that there are many states such as Missouri that are already offering some type of bridge loan program utilizing the government tax credit for down payment assistance. For further information on the $8,000 first time homebuyer government tax credit and how you can use it to help you get an FHA financed loan with no money down please either call us immediately at 800-871-2636 or apply online at http://www.fivestarsmortgage.com and a representative will go over your information with you in detail.Want to know a proved method to make money? Then forex trading is just for you!!!

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