chfa eNews

CHFA eNews

eNews
04.01.2009

 

Home Finance

 

Jump for joy! CHFA has a great new program for first time homebuyers!

With the CHFA JumpStart Tax Credit Program (CHFA JumpStart), first time homebuyers can take advantage of up to six thousand dollars ($6,000) of the Federal First-Time Homebuyer Tax Credit* for down payment and/or closing cost assistance. This program is offered with the expectation that they will repay the CHFA JumpStart second mortgage loan when they receive the tax credit. The federal tax credit will most likely be greater than the CHFA JumpStart second mortgage loan, so borrowers should still have money to meet other important needs and build instant equity.

CHFA JumpStart provides a market fixed rate first mortgage loan and a CHFA JumpStart second mortgage loan with an initial zero percent (0%) interest rate and deferred payments until June 30, 2010. If the second mortgage loan is not paid in full by that date, the interest rate will increase to 8 percent with a 10-year repayment term.

For complete program details, please see the CHFA website at www.chfainfo.com or call: 1.888.320.3688 or 303.297.7376.

*A first time homebuyer who purchases a home on or after January 1, 2009, and closes before December 1, 2009, may receive a federal tax credit refund of up to $8000.