By now you should have heard about the $8,000 federal tax credit for first time home buyers, including those who haven’t owned a home in the last three years.
Many states now offer state-level programs as well. Here’s some information on them:
California – New-Home Buyer Tax Credit
$10,000 or 5 percent of the purchase price of a newly-built home, whichever is less. The home must be the principal residence of the buyer for at least two years following the purchase, and the sale must close between March 1, 2009 and March 1, 2010.
Colorado – CHFA Jumpstart tax credit program for down payment or closing costs – only for state home loans. Allows you to borrow 3.5 percent or $6,000, whichever is less, via a second mortgage.
Delaware – Second Mortgage Assistance Program – up to $10,000 for down payment and closing costs
Idaho – Tax Credit 2nd Loan Program – down payment help up to $7,000 or 5 percent of home loan, whichever is lower.
Kentucky – First Home Advantage Program – up to $4,500 down payment and closing costs assistance with a second mortgage.
Missouri – Federal Tax Credit Advance Loan – 6 percent of home purchase price or $6,750, whichever is lower.
New Jersey – Tax Credit Loan Program – Prefund Program – 10 percent of home purchase price or $5,000, whichever is lower.
New Mexico – Tax Credit Loan Program – 8 percent of home purchase price or $6,500, whichever is less.
Ohio – Home Buyer Tax Credit Advantage – up to 3 percent of home purchase price.
Pennsylvania – Tax Credit Advance Loan Program – 10 percent of home purchase price or $6,000 toward new home, $5,000 toward existing home, lesser of these.
Tennessee – Stimulus Second Mortgage Program – up to 3.5 percent of home purchase price to help with down payment and closing costs.
Texas – Texas Mortgage Credit Program – allows buyers to claim a mortgage interest tax credit of up to $2,000 to increase the value of the federal tax credit. Texas may also have a tax credit second loan program in the works.
Utah – Home Run Grant – $6,000 grant toward purchase of new construction home; income restrictions: max income $75,000 if you’re single and $150,000 if you’re married.
Alabama, Florida, Michigan, New Hampshire and Washington are all considering programs. Nebraska and South Dakota both have tax credit loans in the works and are waiting for guidance from the Department of Housing and Urban Development (HUD).
For additional information visit NCSHA.
Stay tuned to ThinkGlink.com for more information – we’ll post it as we become aware of it.
source: National Council Of State Housing Agencies and National Association of Realtors
May 13, 2009