BRAND NEW HUD PROGRAM-TAX CREDIT FOR DOWNPAYMENT!!!
By Keith Manson
(First Weber Group/short sale/cdpe/gri)
EFFECTIVE MAY 11, 2009 HUD ANNOUNCED IN MORTGAGEE LETTER 2009-15 THAT CAN USE FIRST TIME HOME BUYER TAX CREDITS FOR THE DOWN PAYMENT!HOW IT WORKS ACCORDING TO THE MORTGAGEE LETTER IS:. NO CASH BACK AT CLOSING BETWEEN MORTGAGE AND TAX CREDIT. TAX CREDIT ADVANCE IF NOT PAID BY DESIGNATED DATE THAT INTEREST AND PRINCIPLE PAYMENTS WILL START IMMEDIATE. IF TAX CREDIT ADVANCE ARE REQUIRED MUST BE CONSIDERED IN QUALIFYING THE BORROWER- CAN NOT EXCEED BORROWERS ABILITY TO PAY. THE TAX CREDIT ADVANCE SECOND MORTGAGE MUST NOT HAVE BALLOON PAYMENT BEFORE 10 YEARSWHO CAN OFFER THE TAX CREDIT ADVANCE?FEDERAL, STATE AND LOCAL GOVERNMENT AGENCIES, FHA APPROVED NON PROFITS AND APPROVED FHA APPROVED MORTGAGEES MAY PROVIDE BRIDGE LOANS TO BE SECURED BY TAX CREDIT.CHECK OUT THE DOCUMENT AT MORTGAGEE LET...
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