Articles on Bridge Loans

First-time Home Buyer's Tax Credit = Your New Down Payment?

How does the first time home buyers tax credit work in New York?We've written before about the first-time home buyer's tax credit. It's been a great opportunity all along. Now here's an interesting development... As the FHA reports, the tax credit can now function as a kind of mortgage down payment. Technically, a buyer can use it as kind of interim financing known as a bridge loan or even an $8,000 cash advance.