Information Regarding the $8,000 First-Time Homebuyer Tax Credit
Thank you for visiting our website for information regarding the $8,000
First-Time Homebuyer Tax Credit.
The Commission previously noted it was involved in
discussions with the IRS and other interested parties concerning the development
of a Tax Credit bridge loan program. To guarantee repayment of a Tax
Credit bridge loan the Commission requested the IRS approve an advance
assignment of the tax credit refund. If approved, the homebuyers $8,000
tax credit refund would be directly deposited into a state-owned account or
mailed directly to the loan servicer for immediate payoff of the Tax Credit
bridge loan.
On June 2, 2009 the IRS formally declined this request citing
long-standing regulations that require refunds be paid only to the person or
persons filing the tax return. Due to financial risks associated with the
Tax Credit bridge loan program and because the Commission already offers
numerous down payment assistance programs, the Commission has discontinued the
development of an additional Tax Credit Bridge Loan program.
The Commission offers statewide down payment assistance programs for first-time
homebuyers needing assistance with a down payment and/or closing costs.
For information about House Key Plus down payment assistance (up to $10,000 in
assistance) and the Commission’s other programs, please visit the Commission’s
down payment assistance page
or contact a Commission-trained loan
officer to ask about getting pre-approved for the House Key First mortgage
loan with down payment assistance.
06/11/2009
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