$8000 tax credit now available for use as a down payment, What more can a first time homebuyer ask for?

If you thought about it before, NOW is definitely the time to buy a home! As of July 14th, 2009 the Deval Patrick administration has approved the use of the first time homebuyer tax credit as part of a down payment or to cover buyer closing costs. This act is a huge step toward improving the economy and will help to improve the real estate market throughout Massachusetts. This innovative program is offered by Mass Housing, an organization providing affordable home ownership for low to moderate income buyers. The Mass Housing First Time Homebuyer Tax Credit Loan Program will allow first time buyers the opportunity to borrow up to $8000, which can be used at the closing as opposed to waiting until the 2009 tax season. First time home buyers can benefit from using the $8000 loan to use toward the down payment of a new home or to cover closing costs, with the ability to repay the loan once the actual tax credit is received. The tax credit loan will be structured as a 2nd loan to the buyer which, if repaid before June 1st 2010, will not be charged interest. If a buyer does not pay the loan before the deadline the tax credit loan will be charged interest at the same rate as the buyer's first mortgage.

"One of the biggest problems I see with first time homebuyer's is saving up enough money to use as a down payment or to cover escalating closing costs, which can run anywhere from $5000-$10,000;" states Quincy real estate agent Madelene Semeria. "Mass Housing already offers a number of unique programs to assist buyers in purchasing a home and this program will only help open the door to home ownership for many more first time homebuyers." Mass Housing does require that the purchaser use a pre-approved Mass Housing lender. More information on the 20 lenders currently offering the First Time Homebuyer Tax Credit Loan Program visit: www.Ma-HomesForSale.com.

Madelene Semeria, a real estate agent working for Century 21 Abigail Adams here in Quincy, has been helping first time homebuyers achieve the dream of home ownership for the past 5 years. Since the implementation of the federal Housing and Recovery Act (HERA), Madelene has helped many of her clients benefit from low home prices and current tax credit incentives. For more information on buying a home in your area contact Madelene Semeria at (617) 894-1124.