The Real Deal on the First Time Buyer Tax Credit
There’s been a lot of spin from the press and HUD about the First Time Buyers Tax Credit. According to Julian Hebron of RPM Mortgage, the bottom line is that you can’t expect the credit to help you with your purchase. Lenders aren’t prepared to factor the credit in to their programs it will take time (1-3 months in Julian’s estimate) for lenders to catch up to the program. The reason is because homebuyers must live in the property and prove it’s owner-occupied for 3 tax filing years following
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Tags: Buyer, Credit, Home, Mortgage, Programs