Question by mom: does champion mortgage have a bridge loan program for the 00 tax credit? it was recently announced hud will allow FHA-approved lenders to issue short-term loans to advance the credit amount for use in purchasing the home. does anyone know if champion mortgage has such a program? i checked with my state housing dept and they do not currently have a program set up yet. this will be for an fha loan. Best answer for does champion mortgage have a bridge loan program for the 00 tax credit?:
Answer by Jill
I am not sure but I think it was passed on Friday (at least in Florida). I am waiting to find out myself. What state are you in? I would suggest you find a mortgage professional in your area or a trusted real estate agent and ask. I don't know how Lender Specific it will be, if they told you they are the only ones able to do it, they are misleading you. They have to be qualified to originate FHA to do a FHA loan but the 8000.00 credit is going to be across the board. The borrower has to qualify for it. You can call email me on Monday and I will have the resourses to find out for you. :) Jill jt@firstmmc.com
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One of the measures taken in the Obama administration's economic stimulus package was a tax credit for first-time home buyers equal to $ 8,000 or ten percent of the value of the home, whichever is less. The goal is to stimulate the real estate market by encouraging people to purchase new homes before December 1, 2009. This tax credit may be of particular interest to people considering buying a home, especially in markets where the real estate market has already bottomed out.
Unlike the tax credit that was enacted by Congress in July of 2008, this new credit does not have to be repaid. The previous credit essentially amounted to an interest-free loan because repayment was required. This new tax credit does not have to be repaid and is therefore more of a grant than a loan.
Qualification as a first-time home buyer requires that the buyer has not owned a home for three years.
This means that previous homeowners who sold their properties during the bubble may qualify as new home buyers under this stimulus scheme. It is also important to note that one restriction on this tax credit prevents the buyer from receiving it if they purchase a home from family: parents, grandparents, children, spouse or spouse's family. Ownership of a rental property or vacation home that has not been used as a primary residence does not disqualify a buyer from being "first-time" for the purposes of this credit.In order to receive the full credit, a new home buyer has to make less than $ 75,000 per year, or be less than $ 150,000 for couples filing jointly. Above this threshold, the amount of the credit available begins to cycle downward at $ 20,000 increments. Individuals making more than $ 95,000 or couples filing jointly that make more than $ 170,000 are not eligible for the credit at all.
The IRS allows the buyer to file an amended return against their 2008 taxes, meaning they can receive their funds in less than 12 weeks.
This tax credit is well designed to help middle-class home buyers acquire a home during the recession.
However, it does not protect against making a bad investment. It is imperative for the potential home buyer to carefully study the local real estate market to determine whether or not the desired property has reached the end of its valuation adjustment. If this is the case, the tax credit and its accompanying bridge loans may provide the answer for potential home buyers in the current market climate. Find More The 2009 ,000 Tax Credit Articles
