Salt Lake Home Buyers TO Get Zero Down Loans
May 13th, 2009 Categories: Buying, Real Estate News
On Tuesday May 12th HUD Secretary Shaun Donovan announced that FHA is going to permit lenders to allow homeowners to use the $8,000 tax credit as a down payment.
Donovan’s remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo.
The way it will work is the 1st time home buyer will be able to borrow from the lender the $8,000 in the form of a bridge loan. Bridge loans usually have a little higher interest rate. But if you amend your tax return and get your money quickly it shouldn’t be that big of a deal.
The terms and guidelines have not been laid out yet, I recommend you fill out the amendment and apply for the loan now, so that when it hits you’re out of the gate first. This will put pressure on prices of entry level homes that seem to already be in a short supply in Salt Lake Housing Market. See article on market conditions in Salt Lake.
To get started call me now while rates are low. This is going to cause a surge of 1st time buyers entering the market and a rush of loan applications will cause a bump in rates and a slowdown of underwriting.
Call me Today at 801-694-4762 or email me at Rob@Aubrey.net
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