Comments on: 8000 Tax Credit Bridge Loan For Down Payment and Closing Costs: Now Reality http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/ Real Estate information for Phoenix, Scottsdale, and other nearby Arizona cities Tue, 07 Feb 2012 00:07:39 +0000 hourly 1 http://wordpress.org/?v=3.2 By: When Can I Get the Refund Check? | Arizona Realty by Kyle http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6506 When Can I Get the Refund Check? | Arizona Realty by Kyle Tue, 30 Jun 2009 20:46:05 +0000 http://www.realphoenixliving.com/?p=1652#comment-6506 [...] in Arizona, there is currently no lender that is accepting these “bridge loans”. Read Steve Belt’s blog post to find some more details on what this means. Bottom line, as of the date this post is written, [...] [...] in Arizona, there is currently no lender that is accepting these “bridge loans”. Read Steve Belt’s blog post to find some more details on what this means. Bottom line, as of the date this post is written, [...]

]]> By: 8000 Tax Credit Bridge Loan: Is Anyone Doing It? | Phoenix Area Real Estate Blog http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6440 8000 Tax Credit Bridge Loan: Is Anyone Doing It? | Phoenix Area Real Estate Blog Fri, 12 Jun 2009 16:18:46 +0000 http://www.realphoenixliving.com/?p=1652#comment-6440 [...] anyone actually doing the 8000 tax credit bridge loan where you can monetize the tax credit and use it for closing [...] [...] anyone actually doing the 8000 tax credit bridge loan where you can monetize the tax credit and use it for closing [...]

]]> By: Justin McHood http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6429 Justin McHood Wed, 10 Jun 2009 21:08:32 +0000 http://www.realphoenixliving.com/?p=1652#comment-6429 @Larry, I do not. I seem to keep reading about how in different parts of the country "XYZ Non Profit Organization or ABC non profit" is offering these loans, but I haven't been able to nail down anything official -- and this is especially true in the Arizona market. As soon as I hear of one, I will be sure to let everyone know. Justin @Larry,

I do not.

I seem to keep reading about how in different parts of the country “XYZ Non Profit Organization or ABC non profit” is offering these loans, but I haven’t been able to nail down anything official — and this is especially true in the Arizona market.

As soon as I hear of one, I will be sure to let everyone know.

Justin

]]> By: Larry http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6428 Larry Wed, 10 Jun 2009 19:26:47 +0000 http://www.realphoenixliving.com/?p=1652#comment-6428 Hey Justin, Do you happen to know of any Lenders or other sources that are presently offering the "short term bridge loan"? Thanks Larry Hey Justin,

Do you happen to know of any Lenders or other sources that are presently offering the “short term bridge loan”?

Thanks

Larry

]]> By: Agents Using $8000 Tax Credit in Marketing http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6420 Agents Using $8000 Tax Credit in Marketing Tue, 09 Jun 2009 17:36:53 +0000 http://www.realphoenixliving.com/?p=1652#comment-6420 [...] of the most creative strategies is using the $8000 tax credit as a bridge loan for the down payment and/or closing costs on a [...] [...] of the most creative strategies is using the $8000 tax credit as a bridge loan for the down payment and/or closing costs on a [...]

]]> By: Justin McHood http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6415 Justin McHood Tue, 09 Jun 2009 03:04:11 +0000 http://www.realphoenixliving.com/?p=1652#comment-6415 Margaret, You should be able to contact any FHA approved lender in your area and they will be able to help you figure out what is possible in your situation. Go to Google and search on "Orange County Texas FHA Lender" and you should have plenty of loan officers to choose from! Good Luck, Justin Margaret,

You should be able to contact any FHA approved lender in your area and they will be able to help you figure out what is possible in your situation.

Go to Google and search on “Orange County Texas FHA Lender” and you should have plenty of loan officers to choose from!

Good Luck,
Justin

]]> By: Margaret Catlin http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6411 Margaret Catlin Mon, 08 Jun 2009 21:54:46 +0000 http://www.realphoenixliving.com/?p=1652#comment-6411 How can I get this; who do I contact here in Orange County, Texas. I am a wheelchair confined 62 year old widow & desperately need my own home. My local HUD office does not know how to do this; & had put me off for a year. I do have a SECTION 8 Rental Assisstance Voucher; & was told by the originating HUD that I could turn this into a BUY under Section 8. And there is suppose to be a Lease/Purchase under the SECTION 8 Voucher Program; But this office where my voucher is does not know how to do that either....I DESPERATELY need help in getting this done as I' up for Recertification this next month; I'd rather BUY than be a renter again with a BAD Landlord. I NEED my own home for safety, health, social reasons. Owning my own home I'm not faced with having to move at the end of each lease term, when Landlords get a BUG up their you know whats.....Pls help me... How can I get this; who do I contact here in Orange County, Texas.
I am a wheelchair confined 62 year old widow & desperately need my own home.
My local HUD office does not know how to do this; & had put me off for a year.
I do have a SECTION 8 Rental Assisstance Voucher; & was told by the originating HUD that I could turn this into a BUY under Section 8. And there is suppose to be a Lease/Purchase under the SECTION 8 Voucher Program; But this office where my voucher is does not know how to do that either….I DESPERATELY need help in getting this done as I’ up for Recertification this next month; I’d rather BUY than be a renter again with a BAD Landlord. I NEED my own home for safety, health, social reasons.
Owning my own home I’m not faced with having to move at the end of each lease term, when Landlords get a BUG up their you know whats…..Pls help me…

]]> By: Dawn http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6381 Dawn Fri, 05 Jun 2009 14:49:55 +0000 http://www.realphoenixliving.com/?p=1652#comment-6381 At least in New York State we have high closing expenses, such as anywhere from 3/4%- to 1 3/4% mortgage tax on the amount you mortgage- (depending where you live)-- that's right!! -- a tax to have a mortgage,-due at closing-- then high taxes that must be set up to escrow, (typical taxes on a 200,000 house are $5,500.00- $6,200.00 per year), so that often comes to 10 months worth of taxes and home owner's insurance, plus MIP or PMI, title insurance ($1,000.00 or so without even the fee title insuance), closing attorney for the lender (buyer pays for), closing attorney for the buyer, filing fees, bank underwriting, processing fees etc., possibly origination fees, appraisal fee, home inspection fee , etc.--- all addding up to MUCH more than the measly 3 1/2% down payment. This typically all adds up to needing over $17,000.00 when the 3 1/2 % is mearly $7,000.00 So, yes, many folks need some type of help with the purchase of a home. There is much paperwork involved for all parties to fill out and maintain with establishing a mortgage and home purchase.... We're not in Kansas and this is not 1960.... At least in New York State we have high closing expenses, such as anywhere from 3/4%- to 1 3/4% mortgage tax on the amount you mortgage- (depending where you live)– that’s right!! — a tax to have a mortgage,-due at closing– then high taxes that must be set up to escrow, (typical taxes on a 200,000 house are $5,500.00- $6,200.00 per year), so that often comes to 10 months worth of taxes and home owner’s insurance, plus MIP or PMI, title insurance ($1,000.00 or so without even the fee title insuance), closing attorney for the lender (buyer pays for), closing attorney for the buyer, filing fees, bank underwriting, processing fees etc., possibly origination fees, appraisal fee, home inspection fee , etc.— all addding up to MUCH more than the measly 3 1/2% down payment. This typically all adds up to needing over $17,000.00 when the 3 1/2 % is mearly $7,000.00 So, yes, many folks need some type of help with the purchase of a home. There is much paperwork involved for all parties to fill out and maintain with establishing a mortgage and home purchase…. We’re not in Kansas and this is not 1960….

]]> By: Justin McHood http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6375 Justin McHood Thu, 04 Jun 2009 20:46:09 +0000 http://www.realphoenixliving.com/?p=1652#comment-6375 @Ryan, Thanks for stopping by and leaving an insightful comment -- the major hurdle for many first time home buyers is saving enough for the down payment and this "monetization" plan does not address that. To my understanding, down payment assistance plans are being argued (both for and against) right now in Washington - and maybe, just maybe down payment assistance programs will be brought back in some form. We will have to wait and see. @Ryan,

Thanks for stopping by and leaving an insightful comment — the major hurdle for many first time home buyers is saving enough for the down payment and this “monetization” plan does not address that.

To my understanding, down payment assistance plans are being argued (both for and against) right now in Washington – and maybe, just maybe down payment assistance programs will be brought back in some form.

We will have to wait and see.

]]> By: Ryan http://www.realphoenixliving.com/2009/05/31/8000-tax-credit-bridge-loan-for-down-payment-and-closing-costs-now-reality/comment-page-1/#comment-6374 Ryan Thu, 04 Jun 2009 18:46:47 +0000 http://www.realphoenixliving.com/?p=1652#comment-6374 I think in the interest of getting people to purchase homes this really does nothing. It has always been known that the down payment is the hurdle that keeps people from purchasing a home. There are plenty of people out there that are able to make a house payment but would have to save for years to make the 3.5% down payment. I think if they were really serious about helping the market recover they would bridge the gap in the down payment assistance arena. I think in the interest of getting people to purchase homes this really does nothing. It has always been known that the down payment is the hurdle that keeps people from purchasing a home. There are plenty of people out there that are able to make a house payment but would have to save for years to make the 3.5% down payment. I think if they were really serious about helping the market recover they would bridge the gap in the down payment assistance arena.

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