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NEW PLANS HELP NEW HOMEOWNERS USE TAX CREDIT WASHINGTON

By Lauri Tomlinson, Sales Associate                                              

Lauri Tomlinson, Sales Associate

Lauri Tomlinson, Sales Associate

(Nation’s Building News) – The Texas Department of Housing and Community Affairs has introduced two loan programs designed to help first-time homebuyers apply the new $8,000 tax credit toward down payments and closing costs. The 90-Day Down Payment Assistance Program and the Mortgage Advantage Program will allow consumers to receive a short-term loan before filing for and receiving the federal tax credit. Consumers can apply these loans toward down payments and closing costs. Both programs provide assistance of up to 5 percent on the first lien mortgage, but the 90-day program maxes out at $7,000 while the Mortgage Advantage Program’s limit is $6,000. Repayment times also vary for the two programs, at 90 days and 120 days, respectively.

Source: The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station – the heart of the Research Valley.

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July 3, 2009 - Posted by | Fredericksburg TX, real estate | , , , , , , , , , , , , , , , , , , ,

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