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Tax Credit|Prefunding|$8000 federal first time homebuyer tax credit
This is an email I received from a mortgage representative regarding receiving a "bridge type loan" on the federal tax credit:
Hello, in response to many, many inquiries on this issue, we have confirmed that only specific entities can advance monies as a "bridge loan" against the $8000 federal first time homebuyer tax credit. Luckily, the NJHMFA is a participant in this program, and is currently offering up to a $5000 pre-fund loan against the tax credit that can be used for down payment http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/Here is the wording directly from their websiteTax Credit Loan Program - The NJHMFA "Prefund" Program
Now Available Up to $5000.00 Pre-Fund Stimulus Rebate!
The First-Time Home Buyers Tax Credit Loan ("TCLP")  Program provides a loan to pay downpayment and/or closing costs to Agency  Home Buyer Program first-time  home buyers  who meet all of the requirements of the Home Buyer Program and who are eligible for the credit as permitted by the federal law establishing the credit and the  guidance provided by the IRS  in the General Instructions that accompany IRS Form 5405 and  who apply for a TCLP loan on or after April 8, 2009 and close on the home purchase between April 8, 2009 and ... more

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