Use Tax Credit Down Payment?

In past posts I have mentioned the tax credit, which if not extended will expire by November 30, 2009. This means your transaction must close by this date. Aside from the deadline, also mentioned was using the tax credit as part of your down payment. But who would actually loan you the money and wait for the up to $8,000 repayment by tax refund time?

PHFA (Pennsylvania Housing Finance Agency) has a program called Credit Advance Loan Program (TCA) that will loan you up to $6.000 for use towards a down payment according to Kate Newton, Director of Home-ownership Programs for PHFA.

Even if you miss the tax credit deadline. PHFA has some great programs out there for first time home buyers. Contact your loan officer to discuss.

Read more the details at Realtor.org

http://www.parealtor.org/content/phfa.htm

Additional Tax Credit Info

Leave a Reply