Tax Credit Loan Program
The "Prefund" Program
Looking for a way to use the $8,000 tax credit NOW to buy a home?
Need help with a down payment?
Treasury Mortgage is at the forefront offering a "prefund" program to qualified home buyers, allowing them to purchase a home NOW utilizing the government's tax credit program. If a buyer is eligible for the First-Time Home Buyer Tax Credit, than they may also qualify to utilize that same tax credit money NOW for the required down payment needed to buy their first home.
In a nutshell, you are given a short term loan for the tax credit money, and you pay it back after you get your tax credit next tax season. It is a simple concept. And since the prefund amount is $5,000, you may also have tax credit money left over for whatever you like.
Call Steve Kappre today to gather more information and to get pre-approved for this program for First-Time Home Buyers. (Those not owning a home in the last 3 years).
Steve Kappre
Treasury Mortgage - A Division of Aurora Financial Group
856-415-7720
856-419-3561 - cell
856-355-4760 - efax
steve@stevekappre.com
www.stevekappre.com
Treasury Mortgage - 550 Bridgeton Pike, Mantua, NJ 08051 - 1810 Springdale Road, Cherry Hill, NJ 08003
Licensed by the NJ Department of Banking and Insurance
Hey Steve, I'll RT that on Twitter. Good to know - what is the rate on the short term loan?
Rate is 0% if paid back within the period when you recieve the tax refund. If longer, than you have to pay the same rate as your first mortgage.
There are so many great opportunities for 1st time home buyers it is amazing. We have seen a large increase in the 1st time buyer market here in Mass.
Steve - That is a great program for 1st time buyers. Like Bill said, 1st time buyers have a lot of opportunity right now, probably more than ever before ! They should all get off the fence and "Buy Buy Buy" !
Very Interesting Steve. Great info to have.
First-Time buyers do have a great deal of options in this market. Many of you that commented are in different states ... I would be interested to know if your area is offering similar programs.
Hi Steve: One important point. YOU DO NOT have to wait until next tax season. You simply file a 2008 1040X which is an amended 2008 1040. You include your credit on line 69 and file it - then you get your money right away!
:)
Matt - this is true, and I have forwarded the same info to my pertinent clients. Some of them even had to advise their tax accountant on this (?). The program above though is to get up to a $5,000 upfront amount to use for downpayment and/or closing costs to purchase the home in the first place.
Having read it now, I apologize for not seeing it sooner, but in my defense, it was set up as a program that you were offering, and not as a generic read for a state wide program. Nevertheless being ahead of the pack is not a bad thing.
Ed - No apologies needed whatsoever. I'm only doing NJ and PA. If by chance I find one in another state (CT), I'll try and remember your information to send them to you. Thanks for stopping by!
Great information Steve ! How does a consumer go about qualifying for this prefunded tax loan ?
Steve - One would have to be approved with a qualifying lender, that is a lender offering this option. Guidelines are the same as the rest of the mortgage finance agency options, that is namely FHA, VA, or conventional guidelines depending on what option you choose.