Lenders can now provide short-term loans to first-time borrowers eligible for the $8,000 home buyer tax credit. HUD did not estimate how many FHA buyers would benefit from tax-credit advances. FHA borrowers relying on the lender to finance the tax credit will have to come up with their own money for the 3.5% down payment. But after that, they can use the proceeds from the short-term loans to increase their down payments, cover their closing costs or buy-down their mortgage rate. [...]




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