Sunday, April 12, 2009
Tax Credit Loans for First Time Homebuyers
It looks like 100% loans will always be around in one way or another. This time, The Housing Fund is offering loans up to $7,000 with a first time home buyer's tax credit as collatoral (remember that the credit is UP TO $8,000). This will satisfy a downpayment and closing costs for some homebuyers. It's a coup for a first time buyer because the repayment schedule is $50 a month at 0% interest through July 31, 2010. If not paid in full by that date, the loan converts to a montly payment of $100 and the loan is then amortized at 8%.
Of course, there are limits on income, the price of a house, terms of the loan, etc. These details can be found by checking out this THDA LINK. There are very few banks that handle THDA loans. Of course, one of those is Magna Bank, Crye-Leike's in house lender.
For more information on this tax credit loan, check out TAX CREDIT LOAN INFO.
If you need help buying a home, I'm here to help. As a savvy negotiator, I will work for you to get you the price, terms and conditions that are satisfactory to you.