First-time Texas buyers can now monetize federal tax creditIn July the state’s housing agency announced that it has a way – two ways, actually – for Texans to monetize the $8,000 federal tax credit for first-time buyers. The Texas Department of Housing and Community Affairs (TDHCA) released $7.5 million through two separate second-lien mortgage programs to help qualifying first-time homebuyers take advantage of the federal homebuyer tax incentive. The state programs offer short-term loans until homebuyers file and receive their federal tax credit. The loans offered through TDHCA can be used for downpayment and/or closing costs, and the federal tax credit payment can be used to repay them. However, buyers must close on the home purchase no later than Dec. 1, 2009. For more information, visit MyFirstTexasHome.com.
Source: Texas Dept. of Housing & Community Affairs