CommonWealth Real Estate Your Way, Brodheadsville
Pocono and Lehigh Valley Real Estate Blog

PA First Time Home Buyers – Get an advance on your tax credit to use for closing

June 11, 2009 by · Leave a Comment 

Now there are even more reasons to buy homes in Pennsylvania.

We blogged recently that the federal government gave first-time home buyers incentive to buy a home because they added an opportunity to the American Recovery and Reinvestment Act tax credit of up to $8,000 by first-time buyers to use the tax credit as a down payment or for closing costs. (Check out our recent blog post from June 8th – More reasons to buy Pocono Real Estate)

Then, today, the Pennsylvania Association of REALTORS announced that Gov. Edward G. Rendell created a plan to award a portion of the $380 million in federal economic recovery funds to assist Pennsylvania home buyers. According news from PAR, nearly 1,000 families will receive thousands of dollars to help make down payments on new homes, more than 5,000 families across Pennsylvania will find affordable housing and jobs will be created for some 3,000 workers.

These down payment and closing cost assistance programs will come in the form of advances on the tax credits and will be administered through the Pennsylvania Housing Finance Agency Tax Credit Advance Loan Program (TCS) and Keystone Assistance Loans (KAL).  Borrowers can use a portion of the tax credit in the form of a second, short-term, low to no interest loan to fund the down payment or closing.

There is plenty of Pocono real estate available. If you have always wanted a home of your own and have never had a chance before, now might be the perfect time.

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CommonWealth Real Estate Your Way, Brodheadsville