Murphy NC- Home Owners Tax Credit:  We just received the following bulletin regarding the "Bridge Loans" and the First Time Home Owners Tax Credit:

    The Federal Housing Administration is set to roll out guidelines permitting HUD-approved lenders, pubic housing finace agencies, and some nonprofit organizations to make bridge loans to home buyers.  The loans would be collateralized by the $8000 tax credit, giving buyers the upfront funds for a down payment.  The inablility to use the credit for the down payment has been a major stumbling block for the tax credit.  HUD Secretary Shaun Donovan announced that HUD has decided to allow bridge loans, "we want FHA consumers to access the credit to use as a down payment,"Donovan said.  More details on the guidelines will be released in a few days, he said.  Donovan said the credit is expected to stimulate 100,000 first-time homebuyer purchases and 60,000 move-up purchases this year before it expires Dec. 1.

   We will be following the HUD releases for more details so please keep checking back with us...Kaye & John

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