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1st Time Home Buyer Tax Credit Question 3: Can I Get the Credit if I get assistance from state bond program?

East Baton Rouge Parish, LouisianaWest Baton Rouge ParishIf you are buying a home in East Baton Rouge or West Baton Roug,  the Louisiana LHFA bond can provide from 4% to 9% of the mortgage loan amount to be paid at closing to cover part of the down payment, closing costs, and prepaid items.  There are income limits and home cost limits.  And the program interest rates vary depending on which type of loan for which you quality.  The HOME program gives a minimum of 4.5% and a lower interest rate.  The assisted program gives 4% and a slightly higher interest rate.  Both give assistance toward other monthly costs. This program allows slightly lower credit scores than the present FHA lowiest limit of 620.  The popular rural developmnet funding isn't available for homes inside the city limits of Baton Rouge.

Many are wondering:   can use these programs and still get the $8000 1st time homebuyer tax credit?  Yes, there is no exclusion for type of mortgage or if you pay cash.  The important thing is that you be sure you close on an home BEFORE November 2009, which is the desdline for obtaining the $8000 tax credit that is part of the Economic Stimulus plan.

What a great time to buy a home with interest rates ranging from 4.5% to 6.9% depending on which mortgage program you select and qualify for!

Related questions about the $8000 tax credit for 2009:

1.  What Is a First Time Homebuyer?

2,  Do I Have to Wail until next year when I file my 2009 return to get the $8000 credit?

Comment balloon 1 commentAnn Dail • March 29 2009 04:12PM

Comments

Hi Ann,

Yes, now is a GREAT time to buy a home! The interest rates are at a low, making it even more viable for people to own their own home.

Posted by Tony Orefice, Realtor/Harrisburg NC,Concord NC (Wilkinson ERA/www.TonyORealtor.com) over 10 years ago

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