Posted by Rick Goates on Wed, May 13, 2009 @ 10:34 AM
In a great turn of events the Secretary of HUD Shaun Donovan,announced that lenders will be permitted to “monetize” the tax credit through short-term bridge loans.
What this means for buyers out there is that the lender will loan you the money for your downpayment so you can get your new home even if you have no down payment money of your own!
This may take a month or so to get dialed in but it is GREAT news for any buyer out there that has been thinking of purchasing!
Now with this new news why would anyone wait?? Rates are great...inventory is still high and you can take advantage of Obama's generosity!
One thing I love about our new President...he is not sitting around hoping things will get better!