Just in this morning. Southeast Texas has a lender than is offering monitaziation of the $8,000 first-time buyer tax credit. Haven't heard about the credit yet? You must have been under a rock but here's a website with all the information on Federal Housing Tax Credit for first-time home buyers.
The Mortgage Group is our local lender who is offering the program. Here's the announcement:
We are very excited to announce we are now able to offer the Texas Department of Housing and Community Affairs MONITAZIATION of the $8,000 Tax Credit so the funds can be used at closing. The borrowers are allowed to get 5% of the first lien amount up to a max of $7,000 to go for down payment or closing costs. Here are a few bullet points to help you understand the program:
Each buyer must complete a pre-purchase homebuyer education course.
Homebuyers must be eligible to claim the Federal Tax Credit.
Homebuyer must complete the IRS Form 5405 and file an amended 2008 IRS Federal Tax Return.
This is a 90 day 0% loan with a $250 admin fee.
Homebuyers cannot have owned a home in the last 3 years.
Must meet income limits.
If funds are not paid back within 90 days, the funds are repaid over 24 months at 10% interest with monthly payments of $323 per month.
Scott Gittinger
Senior Loan Officer
Texas License Number 49555
Michael Caballero
Marketing Director
Mortgage Group
990 IH 10 North, Ste 135
Beaumont, TX 77702
(409) 899-1800 Office
(409) 899-1808 Fax
(409) 351-2528 Cell
If you need more information about this program call today. Its an incredible opportunity but you have to qualify and you have to close on a home before November 30, 2009. Its taking about sixty days for most residential purchase contracts to close these days so you want to be finding a home soon. If you wait until October or November to start looking you may be too late. Sometimes offers like this sound to good to be true but this one is true. First-time home buyers are able to get an $8,000 tax credit for buying a home.
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