At a press conference yesterday at the State House, MAR President Gary Rogers joined Governor Patrick, Lt. Governor Murray and MassHousing Chairman Dirrane announce Masshousing's new loan program that allows first-time home buyers to "monetize" the $8,000 Federal homebuyer tax credit for downpayments and closing costs. (From left) Worcester homeowner Thomas Gusha, Governor Patrick, MAR President Gary D. Rogers and Lt. Governor Murray speak with reporters about the new MassHousing program.
"MAR is very proud to have been a resource for the Patrick/Murray administration and MassHousing in the creation of this new program," said MAR President Gary Rogers. Massachusetts now joins a small but growing number of states that have developed a unique way to allow buyers to access the credit at a time when it can be most helpful in the home buying process. In fact, a study just released by the National Association of REALTORS found that 82% of would-be home buyers believe that saving enough for a downpayment is still their biggest obstacle to home ownership.
Almost immediately after the $8,000 tax credit was signed by the President, MAR began working with MassHousing to explore ways that the credit could be used for a downpayment. "We are very pleased that the Patrick/Murray administration and MassHosuing have been able to make this happen," said MAR CEO Rob Authier who had numerous discussions with MassHousing on the creation of the loan program. "We think it will help many people become homeowners in the Bay State."
For more information on this loan program go to www.MARealtor.com or the Homebuyer Tax Credit Loan Program page at www.MassHousing.com.
How the New MassHousing Program Works
1. Homebuyers who are using a MassHousing loan to purchase their first home apply for the loan program through their lender
2. The loan is used to cover closing costs or as part of the downpayment
3. In 2010, the homebuyer claims the $8,000 tax credit on their 2009 federal tax return
4. The homebuyer then repays the MassHousing tax credit loan
* No interest is charged if the loan is repaid by June 1, 2010
* Otherwise, the loan is amortized over the next 10 years, at the same interest rate as the first mortgage
REAL ESTATE (Sales; Market Statistics; Home Staging; Interior Decorating; Etcetera)
ENGLISH (Grammar; Punctuation, Agreement...Anything that will help you write emails and blogs that will impress.)
COMMUNITY SERVICE (American Cancer Society; Parent/Teacher Organizations; Coaching; Teaching Religious Education)
Comments(0)