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The short-term loan for the first-timer tax credit program…

May 19, 2009 By Doug Francis

We want our $8,000 first-timer tax credit at closing! And we aren’t gonna wait!

“Okay”says HUD Assistant Secretary Montgomery in the “Mortgagee Letter 2009-15” that is dated May 11th.

Of course you can’t take out the whole $8,000 at closing since there are fees and expenses that need to be paid, and the $8,000 hard limit can’t be exceeded. So watch your step first-timers and don’t lose your whole credit to outrageous fees.

Could this be another ticking time-bomb for potential fraud and consumer abuse? Setting up an unwitting newbie for an IRS tax penalty?  Tread carefully with your mortgage lender.

loan-sharkThe memo uses terms like “short-term credit advance loan” and “bridge loan” seem like family members of the “pay-day loan” and we all know how hit-or-miss that industry turned out. And the “Instant Refund” loans ran into a few problems with the California Attorney General.

Better yet, there aren’t any set interest rates or fees in the memorandum. So it is up to the market to figure out what “fees and charges” are not to exceed a nominal amount necessary really means. Even the biggest lenders haven’t digested this one yet and I plan on keeping tabs on the subject.

Okay America, you demanded your money right now and permission has been granted… just don’t let your nice credit get eaten up in fees or get you in trouble with the IRS.

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Filed Under: Blog Tagged With: $8000 tax credit, buyer, economic stimulus, HUD

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Helping my clients add value to their home has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more then invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

https://youtu.be/ClqEIV1zoQg
Viva Vienna Vienna Idol event on the Town Green sponsored by Caffe Amouri

The Vienna Town Green

The Town Green in Vienna, Virginia is located where Maple Avenue intersects the W&OD Bike Trail and Mill Street. The Town

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2022 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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