FHA lenders can offer a bridge loan product that enables you to utilize the benefit of the tax credit upfront and use it for closing fees, interest rate buydowns or more than the required 3.5% down payment. A buyer must have the minimum 3.5% down payment verified.
To obtain your credit, close on your home by November 30, 2009 and ensure that you are a qualified applicant under the present IRS guidelines, either choosing 2008 with an amended return or your 2009 tax return.
Obtain form 5405 to determine the amount of your credit, and apply to your return.
Its that easy!
