Federal Housing Administration program

Consumers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home. Also for current homeowners who have lived in their current home as their primary residence for 5 years may qualify for a $6,000 tax credit when purchasing a home! FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.

(995 Havensport Forest Park, Ohio MLS MLS: 1201394)

Shaun Donovan of the U.S. Department of Housing and Urban Development stated in May that HUD would allow the first-time buyer tax credit to be used for a down payment or closing costs, at least for FHA-backed loans.

Under the program, borrowers using the FHA for their first mortgage financing can apply for a bridge loan that uses their tax-credit proceeds as collateral. The loan can be used to cover their closing costs, buy down their interest rate, and cover their down payment over and above the FHA's required 3.5 percent minimum. They'll still have to cover the minimum down payment themselves or tap other assistance.

For more information on West Chester Ohio real estate call me

Brenda Swigert, e-PRO Relocation Realtor

ReMax Unlimited West Chester and Liberty Township Ohio oFfice 513-759-4000

brendaswigert@gmail.com

www.BrendaSwigert.com

Top Realtors West Chester Ohio

Top Realtors Liberty Township Ohio

Cincinnati Ohio Realtors who do Short Sales