First time homebuyers $8,000 credit used as downpayment!

Just in case you hadn't heard: If you're a first-time buyer and would like to take advantage of the Obama Administration's $8,000 tax credit, now there's even more incentive. VHDA has announced a new bridge loan product that will allow homebuyers to apply it to their downpayment.

The bridge loan is called "The Homebuyer Tax Credit plus Loan Program", and it's not an entirely simple thing (after all it is a government program). It acts as a "built-in second mortgage that allows borrowers to receive up to five percent of the home's sales price, which can help cover down payment and closing costs," according to VHDA.

To take advantage of this program buyers need to close on the loan by November 20, 2009, and there are lots of details involved with this loan. Get the full scoop the VHDA Web site: www.vhda.com.