There is alot of confusion and alot of changes to this program for the first part of 2009 and I thought I would update this program here. MHDC has rolled out a program called TCAL or the Tax Cash assistance Loan financing option. This option allows first time home buyers that would normally receive a bond grant - get an advance on the IRS loan that first time home buyers qualify for under the stimulus package that was passed in 2008.
First time home buyers that have purchased a home have the ability to get a tax credit Loan for up to 10 percent of the purchase price of the house with a maximum of $7,500. This is a loan that has to be paid back in annual payments to the IRS.
In order to get this you must be a first time home buyer. MHDC is now doing an advance of money up to 6% of the purchase price to first time home buyers to purchase the home with MHDC getting paid back from the IRS loan that clients are obtaining, the other 4% difference from the IRS the client gets to keep.
I hope this quick explanation helps but many are confused on how this works, should you have any questions please feel free to contact me at 417 447 7927.
Darren Stewart
OakStar Bank
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