Tax Credit Advance Loan Program

Congress has enacted legislation providing a federal tax credit of up to $8,000 for first-time home buyers purchasing (and occupying in the case of custom construction) their principle residence between January 1 and November 30, 2009. This credit is available to single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000. A first-time home buyer is defined as a buyer (and his/her spouse) who has not owned a principal residence during the three-year period prior to the purchase.

For more information on the Federal First-time Homebuyer Tax Credit click here.

In Pennsylvania the Pennsylvania Housing finance Authority’s Tax Credit Advance Loan Program (TCA) allows Keystone Home Loan and Keystone Home Loan PLUS borrowers to apply a portion of their 2009 first-time homebuyer tax credit towards the purchase of their home. The program offers an advance in the form of a subordinate loan to those filing for the 2009 First-Time Homebuyer Credit (IRS Form 5405) on their 2009 tax returns. Due to limited funding, the program will be available to homebuyers on a first-come, first-served basis.

In New Jersey the First-Time Home Buyers Tax Credit Loan (“TCLP”) Program provides a loan to pay down payment 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 close on a home purchase between the start of the TCLP program and December 1, 2009. The loan will not exceed $5,000 ($4,000 in the case of married filing separately) and will be secured by a second mortgage. The borrower will pledge to apply the refunds received from the first-time home buyer tax credit toward the repayment of the TCLP loan.

For PA Program Eligibility and Details click here.

For NJ Program Eligibility and Details click here.

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