Secretary Donovan reinstates commitment to REALTORS
The Department of Housing and Urban Development soon will issue guidance enabling FHA-approved lenders to provide short-term “bridge loans” to borrowers who are eligible for a one-time $8,000 first-time homebuyer tax credit. HUD issued an initial mortgagee letter on May 12 outlining a program that enabled borrowers to use tax credit funds toward down-payment and closing costs. This advisory is being revised.
HUD has drafted new language that is expected to be posted any day now, according to sources. HUD secretary Shaun Donovan told the National Association of Realtors on May 12 that FHA approved lenders, nonprofit housing groups, as well as state and local government entities would be permitted to “monetize the tax credit through short-term bridge loans.” HUD expects these bridge loans will help more borrowers to become homeowners. The department also wants to prevent lenders from abusing the program by charging FHA first-time homebuyers excessive fees and rates.
Source: Seattle King County Association of REALTORS Broker Update, June 2009
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment