$8000 Tax Credit and More Down Payment Assistance. What it means to a Buyer
When I bought my first house in 2001, I didn't have a clue on how to go about it. I sure didn't know of any government funds I could use to help make my down payment or pay closing costs. Maybe there were, but neither I or my Realtor knew about them. So I did what any good young adult would do, asked Mom! (jk. but Im sure she would have helped!)
Today the first time home buyer (or buyer who has not owned a primary residence in the last 3 years) has a number of programs and tax credits to take advantage of. There is the much talked about Federal Tax Credit of up to $8000. Drawback of this is the funds are not made available to the buyer at closing ... but wait! The great State of Texas is helping buyers take advantage of the $8000 Federal Tax credit AT CLOSING! And Here is how:
Qualified Buyer chooses one of the Down Payment Assistance Programs (see below) and receives up to $7000 immediately for down payment or closing costs. After closing Buyer requests the Federal Tax Credit (up to 10% of the purchase price, maximum of $8000). Within 8 to 12 weeks the buyer receives the Tax Credit from the Federal Government. Buyer uses the tax credit to pay back the State of Texas. Nice huh!
Check out these programs offered by the Texas Dept. of Housing and Community Affairs (TDHCA):
State of Texas Down Payment Assistance Programs
1. 90 Day Down payment Assistance Program
Borrow 5% (up to $7000) of the purchase price for Down payment or closing costs at 0%!. (Now that's as good as Mom!). Unlike some Mom's, the State of TX requires the money be paid back within 90 days OR if you need to take up to 2 years to pay it back, they will charge you 10% interest. Still not bad and better than most credit cards! (And the interest rate doesn't change)
2. Mortgage Advantage Program
Borrow 5% (up to $6000) for down payment and/or closing costs at 0% interest for up to 120 days! Or take up to 5 years to repay at 7% interest.
Now People these Programs are only available on purchase made BEFORE DEC 1. 2009!!! If you want to take advantage of this, you need to act now!
For more information on the programs go to http://www.myfirsttexashome.com
Call your Realtor and go shopping!!!
TGF
Today the first time home buyer (or buyer who has not owned a primary residence in the last 3 years) has a number of programs and tax credits to take advantage of. There is the much talked about Federal Tax Credit of up to $8000. Drawback of this is the funds are not made available to the buyer at closing ... but wait! The great State of Texas is helping buyers take advantage of the $8000 Federal Tax credit AT CLOSING! And Here is how:
Qualified Buyer chooses one of the Down Payment Assistance Programs (see below) and receives up to $7000 immediately for down payment or closing costs. After closing Buyer requests the Federal Tax Credit (up to 10% of the purchase price, maximum of $8000). Within 8 to 12 weeks the buyer receives the Tax Credit from the Federal Government. Buyer uses the tax credit to pay back the State of Texas. Nice huh!
Check out these programs offered by the Texas Dept. of Housing and Community Affairs (TDHCA):
State of Texas Down Payment Assistance Programs
1. 90 Day Down payment Assistance Program
Borrow 5% (up to $7000) of the purchase price for Down payment or closing costs at 0%!. (Now that's as good as Mom!). Unlike some Mom's, the State of TX requires the money be paid back within 90 days OR if you need to take up to 2 years to pay it back, they will charge you 10% interest. Still not bad and better than most credit cards! (And the interest rate doesn't change)
2. Mortgage Advantage Program
Borrow 5% (up to $6000) for down payment and/or closing costs at 0% interest for up to 120 days! Or take up to 5 years to repay at 7% interest.
Now People these Programs are only available on purchase made BEFORE DEC 1. 2009!!! If you want to take advantage of this, you need to act now!
For more information on the programs go to http://www.myfirsttexashome.com
Call your Realtor and go shopping!!!
TGF
posted by Real Estate Solutions of Texas @ 8:50 PM
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