I just got this email from Mark Sheck of Cherry Creek Mortgage about recent changes in the lending industry regarding first time buyers and tax credit. Read below for the full story.
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You may have heard that FHA is going to allow non-profits to issue bridge loans to first time buyers that can be repaid with the tax credit they would receive after filing their tax returns. This information was provided in the form of a mortgagee letter from HUD dated Monday, May 11th. This would allow first time home buyers the ability make use of this tax credit for their down payment. This would be especially helpful to customers who maybe do not have a parent or relative able to gift them down payment money.

For some reason, we are not really sure why, FHA has temporally rescinded this mortgagee letter. As more information becomes available I will be sure to pass it along.
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Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!