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.(Bridge loans often enable quick sales, but they can be hard to properly pull off. Most banks don't even deal with unconventional loans like these, especially in leaner times. A cash advance, however? How do you say no to that?) And, of course, like any government program, this new wrinkle of the tax credit has various rules and requirements. Just something for you to be aware of. Any questions? Leave us a comment!

NYC Daily Real Estate Blog

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