It’s not too late to get a seat at the Coldwell Banker Griffith & Blair American Home First Time Home Buyer Seminar tonight at 7:00 pm. HUD’s latest announcement (mailed Friday to FHA Lenders) announced that they would permit FHA Lenders to loan all or a portion of the tax credit refund to a first time homebuyer at closing AS LONG AS THE FUNDS WERE NOT USED TO FUND THE 3.5% DOWN PAYMENT REQUIREMENT OF THE BUYER. The details of how this will work will be deterined by the individual lenders, so it is doubtful any lender can tell us today or tommorow how this will work, but it may change the way first time homebuyers could make offers. For instance, instead of raising your offering price to entice the seller to pay closing costs, you might keep the offering price lower since the buyer can use the tax credit money at closing to pay closing costs.

Lenders will have to be very specific about which closing costs may be paid with tax credit advances for us to be real smart about this, so having a resouce in our comapny will be a valuable asset for us.

HUD will allow the tax credit refund to be applied against a larger down payment, but only to that part of the down payment in excess of 3.5%. I don’t know what part of “Stimulus Package” they don’t understand, but that seems to be their holding for this week.

Feel welcome to come tonight and hear what we know today.

Meet us tonight at 2222 SW 29th, Topeka, Kansas 66614