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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