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$8,000 tax credit for first time home buyers can now be used as a downpayment!

Tony Marks with Marks and Marks Mortgage just informed me of a great benefit for those looking to purchase a home this year!
"We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment."
United States HUD Secretary, Shaun Donovan. May 12th, 2009. FHA will allow approved lenders and nonprofits, and state and local government agencies to issue short-term bridge loans buyers can use for down payments. Buyers would repay the loans after getting their tax refunds in 2010.

We will soon release details on the new program as it FHA/HUD announces further explanations.

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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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