While the $8000 first-time home buyer tax credit has been a good thing for Virginia Beach home buyers – it just got better!!

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, has announced the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

What does this mean for Virginia Beach home buyers? First time home buyers will not have to wait to file their tax return to get the $8000 and will be able to use these funds when they close on their home loans so that the cash can be used as a downpayment. FHA approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans, allowing eligible home buyers to access the funds immediately at the closing table.

This is GREAT news for first-time home buyers who often are tight on cash when purchaing a home. Give us a call today to learn how to take advantage of your $8000 credit.

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