Use Tax Credit as Part of Your Down Payment!
July 17, 2009
Check out this new change! Use the tax credit as part of your down payment! If you or someone you know is thinking of making a move this is a great opportunity to help out with closing costs or down payment. Reminder: You must use a Mass Housing loan to get this benefit.
At a press conference yesterday at the State House, MAR President Gary Rogers joined Governor Patrick, Lt. Governor Murray and MassHousing Chairman Dirrane announce Masshousing’s new loan program that allows first-time home buyers to “monetize” the $8,000 Federal homebuyer tax credit for downpayments and closing costs.
(From left) Worcester homeowner Thomas Gusha, Governor Patrick, MAR President Gary D. Rogers and Lt. Governor Murray speak with reporters about the new MassHousing program.
“MAR is very proud to have been a resource for the Patrick/Murray administration and MassHousing in the creation of this new program,” said MAR President Gary Rogers. Massachusetts now joins a small but growing number of states that have developed a unique way to allow buyers to access the credit at a time when it can be most helpful in the home buying process. In fact, a study just released by the National Association of REALTORS found that 82% of would-be home buyers believe that saving enough for a downpayment is still their biggest obstacle to home ownership.
Almost immediately after the $8,000 tax credit was signed by the President, MAR began working with MassHousing to explore ways that the credit could be used for a downpayment. “We are very pleased that the Patrick/Murray administration and MassHosuing have been able to make this happen,” said MAR CEO Rob Authier who had numerous discussions with MassHousing on the creation of the loan program. “We think it will help many people become homeowners in the Bay State.”
For more information on this loan program go to the Homebuyer Tax Credit Loan Program page at www.MassHousing.com.
Almost immediately after the $8,000 tax credit was signed by the President, MAR began working with MassHousing to explore ways that the credit could be used for a downpayment. “We are very pleased that the Patrick/Murray administration and MassHosuing have been able to make this happen,” said MAR CEO Rob Authier who had numerous discussions with MassHousing on the creation of the loan program. “We think it will help many people become homeowners in the Bay State.”
For more information on this loan program go to the Homebuyer Tax Credit Loan Program page at www.MassHousing.com.
Entry Filed under: Buyer Seller Tips. .
1 Comment Add your own
Leave a Comment
Some HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <pre> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
Trackback this post | Subscribe to the comments via RSS Feed
1.
Suzanne McDonald | August 12, 2009 at 7:27 pm
Thanks for the info about a once-in-a-lifetime program. Do you think enough first-time buyers are aware of the deadline as well as the time it takes to close? Hate to see those who are eligible miss out on what’s essentially free money!