Posted: Monday, 08 March 2010 5:18AM
First Time Home Buyers Can Turn Tax Credit Into Cash At Closing
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New Jersey residents who plan to buy their first home in 2010 are encouraged to act quickly to take advantage of a program being offered by the New Jersey Housing and Mortgage Finance Agency, which grants interest-free loans to assist first-time buyers with closing costs or down payments.
The prefund program is designed to compliment the home buyers federal tax credit extension. It provides those eligible with a loan of up to $5,000 in anticipation of receiving a federal tax credit after filing their 2010 tax returns. Spokesman Ed Collins says they expect a rush of participants in the coming weeks.
"There's so much pent up demand because of the weather, that our feeling is that once all the snow melts, and the weather improves we're going to have a real good market for the next 90 days or so." Collins said.
Homebuyers participating in HMFA's First-Time Homebuyer Mortgage Program can get an advance on their credit in the form of a zero percent interest bridge loan that must be paid back once they receive their federal tax refund check by June 30, 2011. More than 500 families took advantage of the prefund program when it was initially offered.
For further information on the Prefund Program or other assistance options, please call 1-800-NJHOUSE or go to nj-hmfa.com.
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