Most first-time buyers would agree that the $8,000 tax credit they will receive within the year after their purchase is a great bonus and incentive to purchase now. Especially since as of this year they don't need to pay it back. But a lot of buyers are still having a tough time scrounging up down payment funds. So what if you could get your $8,000 credit before you closed on your house to use any way you saw fit?!
This is where the new housing Tax Credit Advance Loan Program steps in. The Legislature recently passed the state budget with a provision authorizing the State Treasurer to invest $25 million in the program. There are still details to be worked out, but the program would allow first-time home buyers to utilize the tax credit as down payment when closing the sale of their first home. Whoohooo! This is excellent news for anyone who may have previously been on the fence as whether to take the plunge and invest in the market now. Especially with interest rates still as low as they are.
So hopefully within about a month this program will be fully instated for buyers to capitalize on.
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