Sales Trends in the South Bay

Rent vs Buy Analysis

Updated details on the First-Time Home Buyer credit and how the borrower can get an “advance”…

HUD responded last Friday and here is a brief summary : ·

The tax credit CANNOT be used as part of the down payment. The client still needs to come up with 3.5% down payment (personal funds, gift funds, etc.) · The tax credit can be used for closing costs, lender reserve requirements, and rate buy down…only if the tax credit is purchased or loaned by a non-profit third party · Lenders are still developing guidelines in anticipation of these advances beco...

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