Tax Credit Short Term Loan Program – Does My State Have One?

You may have heard that if you are a first time home buyer and plan to buy a home in 2009, you may be eligible for the $8000 First Time Home Buyer Tax Credit. While this is a great opportunity to get some extra cash just for buying your first home, you have to wait until you file your taxes in 2010 if you do buy a home in 2009 to get your tax credit money from the IRS.

So, if you still need help with your down payment, you cannot use this tax credit to buy a home now in 2009. You must come up with your down payment in some other way. Several options exist for this as it relates to your home purchase tax credit eligibility.

• First of all, you can apply for a short term tax credit bridge loan or a short term tax credit loan program from your state’s housing authority. Some states have initiated this program. Find out what states have a temporary short term tax credit bridge loan below.
• The second option is to seek out an FHA approved lender who is authorized by FHA to offer a short term bridge loan. This program is brand new from FHA. As of May 2009, the program details are still being rolled out and we will keep you updated as to the progress of this program.

State Housing Agency – State Housing Authority Short Term Tax Credit Loan Programs

In an effort to encourage first time home buyers to move forward with buying their first home and tax advantage of the $8000 housing tax credit program initiated by President Obama’s Economic Stimulus Plan, some states have initiated short term tax credit loan programs. These states have initiated this program:

• California – $10,000 New Home Tax Credit
• Colorado – CHFA JumpStart Tax Credit Program
• Idaho – IHFA Down Payment Assistance Tax Credit Advance 2nd Loan Program
  
• Missouri – MHDC Tax Credit Advance Loan Program
• New Jersey – New Jersey First Time Home Buyer Tax Credit Loan Program – Pre-Fund Stimulus Rebate
• New Mexico – MFA Tax Credit Loan Program
• Ohio – OHFA Homebuyer Tax Credit Advantage Program
• Pennsylvania – PHFA Tax Credit Advance Loan Program

To find out whether your state offers a short term tax credit bridge loan program see: State and Federal Home Purchase Short Term Tax Credit Programs

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