HUD Announces Short Term Bridge Loans for Qualified Home Buyers
HUD Announces Guidance on FHA Loans for First-Time Home Buyer Tax Credit
Consumers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger down payment above the FHA required 3.5 percent, cover closing costs or buy down their interest rate.
The details of the program were announced Friday in Mortgagee Letter 2009-15. Mortgage industry leaders have indicated that these types of loans as outlined in the HUD guidance may not be immediately available to consumers. Lenders will need some time to develop documentation for what will effectively be personal loans to the home buyer.
The statewide homebuyer tax credit created by HB 261 is now available for the purchase of an eligible single family residence between June 1 and November 30, 2009. Eligible properties must have been listed prior to May 11, 2009, which signifies the date the Governor signed the bill. There is a six month window to market this exciting new credit. Help educate your fellow REALTORS® and clients on the details of the Georgia homebuyer tax credit. The time to buy is NOW! To learn more, read the Frequently Asked Questions provided by GAR and the Department of Revenue memo detailing their criteria for processing the credit.
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Scholarship Information
The Georgia Association of REALTORS Scholarship Foundation, Inc. was established in 1985 primarily due to the efforts of the late Ed Isakson, a Past President of the Georgia Association of REALTORS. The ultimate goal is to accumulate a total of $1,000,000.00 for the scholarship program to benefit real estate licensees in the State of Georgia. The current balance is over $1 million which includes a 1987 and 1995 grant from the Georgia Real Estate Commission. Only the interest from this total is available for awarding scholarships. More....
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