“Mass. OK’s advance on home buyer tax credit” boston.com
Posted by yopi on July 16, 2009
if you live in MA, you might be interested:
“Hundreds of first-time home buyers in Massachusetts will be able to get an advance on an $8,000 federal tax credit, allowing them to apply the money to down payments and closing costs, under a new program unveiled by Governor Deval Patrick yesterday.
Under the plan, the state will loan $8,000 to eligible borrowers who buy a home before Dec. 1 and finance it through the state’s affordable housing bank, MassHousing. The loans will be interest free if repaid by June 1, 2010. By that time, buyers will be able to claim the $8,000 federal tax credit included in the federal Housing and Economic Recovery Act of 2009….”
Suzanne McDonald said
Such a great program, free money, in essence. I remember when I was a first-time home buyer and how much there was to learn. From what I’ve gathered from agents, I think a lot of buyers may miss out.
The timeline looks like this:
Be closed by Nov. 30
- Takes average 60 days to close
= An offer needs to be accepted by Sept. 30
That’s assuming the banks will be able to process loans in 60 days. We just did a refi that took 4 months! I anticipate the banks will be overwhelmed and would encourage anyone interested in taking advantage of the credit to be looking for a new home NOW and have a contract within the next couple weeks.
Hope that helps!
yopi said
thanks for the tips suzanne! it is true that the process can be overwhelming when you are a first time home buyer.