Tampa Bay First Time Buyers – Down Payment Assistance – 8000 Tax Credit for 100 finance
Hello Tampa Bay!
Breaking NEWS! There is a lot of discussion going around that FHA/HUD is going to start allowing the $8000 tax credit to be used BEFORE closing at the closing table for the down payment. It was announced this week at the Annual National Association of Realtors Midyear Legislative Meetings by HUD Secretary Shaun Donovan. This is HUGE for those buyers with great credit and income who are just starting out but may not have the 3.5% down payment or would rather use that money towards closing costs, buying rate down, etc. This effectively will bring back 100% financing for people under about $220k, by allowing them to use the $8000 credit to replace the 3.5% down payment required with an FHA loan.
Currently, you would have to come up with the down payment yourself, borrow it, or secure other options and then basically get reimbursed with the $8000 credit (if your purchase is 80k or above, if below – you get 10% of purchase price as credit). The new guideline will allow you to use the funds towards your purchase instantly.
Read the Press Release from the National Association of
This is an amazing market and the best opportunity Tampa has seen in over a decade to get a great house at a great price, with low interest rates and if you are a first time buyer $8000 in FREE money to use so you can have 0 down payment!
If you are looking for a team that specializes in helping first time home buyers in Tampa, please give us a call or drop us a line. We can help you take the most appropriate steps to take advantage of the amazing financing programs on the market today and get the most house for the $. If you are a buyer, stop waiting. We had multiple offers on 4 of our listings this week. The crazy market of 2004-2005 is starting to show signs of a comeback….don’t wait until the competition is so fierce that it starts driving price and interest rates back up…..