On Friday, the U.S. Department of Housing and Urban Development announced that qualified first-time home buyers will be able to use the $8,000 federal tax credit upfront, which is great news for Sylmar home buyers.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can’t be used to cover the minimum 3.5 percent, however.
The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
If you are a potential buyer and have questions about this news ,or want answers to other real estate questions, please give me a call.