Las Vegas Real Estate Financing is being supported by the Federal Government. A first time home buyer tax credit was put in place last year and the modified earlier this year, to encourage consumers here in Las Vegas and around the US to buy a home while interest rates are low and affordability is at historic lows.
The tax credit is worth up to $8,000. and is available to any household that hasn’t owned a home for the the last three years. The credit does not have to be repaid and it is fully reimbursalbe, enabling households to get their credit returned to them in the form of a payment.
- Apparently HUD is just starting to allow home buyers to utilize their $8K tax credit towards closing costs on a new home.
- FHA approved lenders received permission to develop bridge loan products that enable first time homebuyers to use the benefits of the federal tax credit up front, including using it as a down payment if need be
This gives many families a financial “leg up” for Las Vegas Real Estate Financing – enabling them to combine their own funds with the tax credit to give them sufficient capital to purchase a home. Unfortunately this has no impact on investors, just actual potential homeowners!
