Today the U.S. Department of Housing and Urban Development gave the go ahead to mortgage companies to develop bridge-loan products that enable first time buyers to use the benefits of the $8,000 federal tax credit upfront. Such loans let the buyers borrow against the tax credit giving them up to an additional $8,000 for a down payment or closing costs.
However, the loans can’t be used to cover the minimum 3.5 percent down payment required for FHA insured mortgages. Contact me for more details.
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