More great news for FHA approved home buyers using the First Time Homebuyer Tax Credit. FHA approved lenders have been given the go ahead to develop a bridge-loan product that will enable first time home buyers to use the benefit of the First Time Homebuyer Tax Credit upfront.
FHA approved lenders can develop bridge loans that first time homebuyers can use to help cover closing costs, buy down their interest rates or put more than the minimum 3.5% down.
It is important to note, that these bridge loans can not be used to cover the minimum 3.5% down payment required by FHA.
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