Salt Lake Home Buyers CANNOT Use the $8,000 For A Down Payment
May 30th, 2009 Categories: Real Estate News
Salt Lake Home Buyers CANNOT Use the $8,000 For A Down Payment
She loves me, she loves me not, she loves me, she loves me not. That seems to be the ride we have been on since HUD Secretary Shaun Donovan announced on May 12th 2009 that FHA is going to permit lenders to allow homeowners to use the $8,000 tax credit as a down payment.
Well it seems that the Salt Lake 1st Time Home Buyers can get a bridge loan and use the $8,000 Tax Credit for almost everything BUT the down payment.
Kinda, the money can be applied to a down payment as long as it is in addition to the 3.5% minimum down payment required for an FHA Loan. So you can use for closing cost, buying down your interest rate, but you are still going to have to come up with 3.5%.
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Yep the only organization that could have done the loan is Utah was Utah Housing and they said they didn’t have any money to do it with. Than we used the last 1/3 of our Tarp funds to fund home builder to build more home with the home run grant it should be criminal how the legislature in this state lined their big business buddies pockets. They could have funded the loan of the $8,000 and helped a lot of short sale an bank owned property sell instead of over priced new construction.
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