The U.S. Department of Housing and Urban Development has announced it's plan to permit eligible borrowers to monetize the first-time homebuyer tax credit, which means a first-time homebuyer can use their tax credit to help with their downpayment.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.
When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Our office will stay abreast of any developments on this great news, so be sure to contact us if you have any questions.
Don't forget -- our professional real estate agents are here to help you purchase your dream home in Corona, Norco, Fontana, Riverside, Lake Elsinore, Moreno Valley, Chino -- we cover a wide geographical area that includes Orange County, Riverside County, San Bernardino County, and even parts of Los Angeles County!
Century 21 Gold
2055 Hamner Ave.
Norco, CA 92860
(951) 479-4580
www.C21Gold.net
info@C21Gold.net