TAKE ADVANTAGE of the federal First-Time Homebuyer* Tax Credit Program by using the CHFA JumpStart2 program for down payment and/or closing clost assistance. Repay this zero percent (0%) second mortgage loan when you get your tax credit refund. Here's how it works:
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- If you are a first time homebuyer who purchases a home on or after January 1, 2009, or enters into a binding contract to purchase a home on or before April 30, 2010, and closes by June 30, 2010, you may receive a federal tax credit refund of up to $8,000.
- If you qualify, the CHFA JumpStart2 second mortgage loan can be used for down payment and/or closing cost assistance. The CHFA JumpStart2 second mortgage loan is for the lesser of 3.5 percent of the first mortgage loan or $6,000. There is an administrative fee of $350.
- Once you receive the federal tax credit, use it to pay off the CHFA JumpStart2 second mortgage loan. If it is paid off before December 31, 2010, $250 of the administrative fee will be applied to your payoff balance. If you do not pay off the loan before that date, you will not get the refund, and the interest rate on the loan increases to 8 percent with a 10-year repayment term.
* For more information click on this CHFA Link.