One of the biggest hurdles for many first time buyers is coming up with a downpayment. With housing prices so low, renters could easily find themselves making mortgage payments as low as what they currently pay for rent. If only they could come up with a downpayment.
Now they can.
New measures announced by HUD would allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or "bridge loans" up to the amount of the $8,000 first-time home buyer tax credit.
Longer term loans secured by second liens can also be used by government agencies and FHA-approved non-profit organizations to facilitate home sales. Several state housing finance agencies have introduced such programs and a number of agencies are considering that possibility.
For more information, please visit the National Council of State Housing Agencies web site.
Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS.
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