Exciting $8000 First-time buyer tax credit news!

With only 6 months left to qualify for the $8000 First-time Homebuyers Tax Credit in the American Recovery and Reinvestment Act, the Pennsylvania Housing Finance Agency (PFHA) is making that money available for settlement now. Participating lenders can give first-time buyers who qualify up to $8000 in a “bridge loan” called TAC (Tax Credit Advance Loan) when using a Keystone Home Loan Product.

Traditionally, the Keystone Home Loans have been significantly higher than FHA or conventional loans, however on Tuesday, PHFA announced they were dropping rates to 5.375%. The TAC loan will need to be repaid by June 30, 2010 after the credit comes in their tax return, but it’s a great way to get into a house for those first-time buyers without much cash. HUD is also working on a tax credit advance loan program that can be used with conventional and FHA loans.

Email sellwithstacey@comcast.net if you know someone interested in getting $8000 to buy a home. Tax credit expires December 1, 2009.