The Michigan State Housing Development Authority (MSHDA) has just announced a new down payment assistance program that will allow qualifying home buyers to get up to $7,500 in interest free loans. Funds can be used towards down payment, closing costs, prepaid and property tax escrows. The loan does not have to be repaid until the property is sold, refinanced or the first mortgage has been paid off.
In order to qualify for this program, the purchase prices of the home can not exceed $224,500 and there are income restrictions based on the location of the home and household size.
The incentives to buy a home have never been better! When combining the $8,000 First Time Home Buyer Income Tax Credit, the $7,500 MSHDA down payment assistance, historical low interest rates and low home prices, it is truly a buyer’s market.
PROGRAM 2
2009 Housing Stimulus Bill
$8000 Home Buyer Tax Credit for First Time Home Buyers!
The $789 billion economic stimulus package proposed by Obama government contains a key housing stimulus bill designed to help first time home buyers in order to revive the US housing market. This 2009 Economic stimulus plan has finally been signed by the President and is now a law. If you are a first time home buyer planning to purchase a home in 2009, this housing stimulus can help you provide a refundable tax credit of $8000 USD. Read this entire post to understand the details of this housing tax credit and to find out if you qualify to receive this housing stimulus.
How does $8000 Home Buyer Tax Credit Work?
