According to HUD Mortgagee Letter Buyers are allowed to use their tax credit at the closing table. This only applys to FHA loans right now and still can't be used for the minimum 3.5% down payment needed but can be used to lower the loan amount as additional down payment or to pay for closing costs.
This should be good new for the industry allowing buyers to get the their credit right away and keep their mortgage payments lower saving thousands of dollars over the time they are in their homes. Lets give a hand to HUD for making another step in the right direction for a quicker recovery.
Rick Davis
American Pride
 |
|
|
I'm Real Estate and Mortgage Consultant that is committed in making sure the transaction gets closed. I specialize in matching the property being purchased is matched to the appropriate financing.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
