Massachusetts To Advance First-Time Home Buyer Tax Credits

time home buyers in Massachusetts will be allowed to borrow up to an $8,000 advance of federal tax credits for homes purchased with a loan through the state's affordable housing bank, MassHousing. Gov. Deval Patrick made the announcement Tuesday, saying the loans will ‘both help prospective home buyers achieve the comfort and stability of homeownership for their families, and also stimulate the commonwealth's economy through increased home sales.’ Home buyers that participate in the program will be able to use the $8,000 tax credit as a funding source at the time of closing, and their principal and interest payments on the tax credit loan will be deferred from the time of closing until the loan due date of June 1, 2010. If the loan is not repaid in full by that date, it will be amortized for 10 years at the same interest rate as the buyer's first-mortgage loan. SOURCE: MassHous


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