Some of you may have heard about the back-and-forth going on over the $8000 tax credit for first time buyers. They want first time buyers to be able to use the credit towards their downpayment, but current FHA rules prevent this. However, good news is coming down the road. Here's a message I got from my loan guy Steve Hageman over at Bank of America:
2 great opportunites are on the horizon for qualified homeuyers that are struggling to put together their 3.5% down payment. HUD Secretary Shaun Donovan stated at a meeting of the National Association of Realtors that "we want to enable FHA consumers to access the ($8,0000) tax credit funds when they close on their home loans so that the cash can be used as a down payment. The assistance will likely come in the form of a short term "bridge loan". Expect to have more news on this new program soon!
Also, CALhfa announced that they will be re-introducing their CHDAP down payment assistance 2nd Trust Deed by the end of this month. If the program is brought back in it's original form, it will be able to finance up to 3% of the purchase price toward a buyers down payment, leaving buyers with only having to come up with 0.5% down! First time homebuyer and minimum FICO score restrictions apply.
If you wanted to get pre-qualified for either of these programs, just email me at
david@64david.com or call me at 562-673-6634.
Oh, and you can always search the MLS for available properties at my web site:
www.64david.com
Want to know more about down payment assistance? Here's some of my previous blogs on the subject:
