First Time Home Buyers Tax Credit

Tax credit advance loan use to purchase for First Time Buyers

Can be used as amount needed for down payment,

closing costs and prepaid expenses.

Contact me for details!

American Recovery and Reinvestment Act of 2009 provides federal tax credit to first time

homebuyers equal to 10% of the purchase price of their home up to $8,000.

· 􀂾 For homes purchased on or after January 1, 2009 and before December 1, 2009.

· 􀂾 Tax credit available only to first time homebuyers or those that have not owned a home in

the last 3 years.

· 􀂾 Single homebuyers can earn no more than $75,000 per year; married taxpayers can earn no

more than $150,000.

· 􀂾 Borrower must live in home for 3 years to receive tax credit; otherwise, credit received is due

as taxes for the year of the sale.

· 􀂾 Borrowers may file for tax credit with 2009 IRS tax return or by amending their 2008 return.



Texas First Time Homebuyer Program – MRB Program 70

Approx. $1.5 Million, First Come First Served

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS MORTGAGE ADVANTAGE PROGRAM



􀂾 Borrower pays $250 Administrative Fee

􀂾 First 120 days, 0% interest to encourage borrowers to payoff 2nd lien

􀂾 Thereafter, 5 year term at 7% interest rate

􀂾 Tax credit advance loan MAY NOT result in cash back to borrower.

􀂾 2nd Lien may not exceed total amount needed for down payment, closing

costs and prepaid expenses.

􀂾 2nd Lien payments must be included within qualifying ratios




Debra Noguera
Home Mortgage Consultant
Wells Fargo Home Mortgage
MAC MACT5442-011
1209 S. White Chapel Blvd., Suite 100
Southlake , TX 76092
817.481.0005 x 11 Tel
817.722.1912 Cell
866.931.0346 eFax
debra.noguera@wellsfargo.com
http://www.wfhm.com/debra-noguera


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