Many people across Colorado are searching for more information about how to use the 8000 tax credit for closing costs when buying a new home.
The Colorado Housing Finance Authority released important information for anyone who is interested in using the 8000 tax credit for closing costs when buying a new home in Colorado.
CHFA JumpStart Home Mortgage Product Highlights
- Designed to help Coloradans leverage the first time homebuyer federal tax credit for down payment or closing costs.
- Offers borrowers a first mortgage with a competitive 30 year, government insured fixed interest rate, AND a zero percent (0%) second mortgage with no payments if the second mortgage is repaid before June 30, 2010.
- The second mortgage may be a maximum of 3.5 percent of the home’s purchase price, or $6,000, which ever is less.
- Available from CHFA’s approved lenders for homes purchased and closed between April 1, 2009 and Nov.30, 2009.
- Must be a first time homebuyer and complete a free homebuyer education class to qualify.
- Income and purchase price limits apply. View the limits in your county on CHFA’s website www.chfainfo.com.
- $250 of CHFA’s $350 administrative fee will be returned to borrowers who pay off their second mortgage prior to June 30, 2010.
- The interest rate on the second mortgage will increase to 8 percent with a 10 year term if not paid off by June 30, 2010.
- CHFA urges borrowers who don’t plan to pay off second mortgage by the June 30, 2010 deadline to use the CHFA HomeOpener Plus mortgage product.
- CHFA HomeOpener Plus offers borrowers down payment and closing cost assistance at competitive market interest rates with a 30 year loan term.
While the rules associated with the 8000 tax credit loan may seem like there are lots of them, it is good to know that Colorado is one of the few states in the Nation where people can get help to take advantage of programs designed to help people use the 8000 tax credit for closing costs when buying a new home.
More Information: (www.chfainfo.com)
