Tax Credit Loan Programs
October 3rd, 2009
Question: How to access the $8k home buyer tax credit in Prince William County?
I make too much for the VHDA but am told that there are non-profit agencies that will do the bridge loan for the $8k. I have been searching for a few days and cannot find them. Is anyone aware of the agencies that assist with that? I know about the FRAP program. I’m looking for organizations that are approved by FHA to give the tax credit advance loan.
It is not illegal as the FHA has approved certain non-profits to do the bridge loans, I am having trouble finding the names of those non-profit organizations.
Answer: The best person to help you with this a reputable, local mortgage broker. They will know the programs, mortgage types, and eligibility requirements so that you can get a mortgage. They don’t get paid unless get a house. A good mortgage broker or lender will be more than willing to answer all of your questions and will help in any way possible.
Try to buy a foreclosure and ask the seller to pay all of the closing costs (including your mortgage points).
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MassHousing First-Time Homebuyer Tax Credit Loan Program
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