BOSTON (7/30/09)--Massachusetts Gov. Deval Patrick announced the approved lenders that will participate in the MassHousing First-Time Homebuyer Tax Credit Loan Program. The group includes several credit unions. The program will allow first-time homebuyers to borrow up to $8,000 in advance of their federal tax credit for homes purchased with a MassHousing loan before Dec. 1. Credit unions involved with the program include:
* Greater Springfield (Mass.) CU; * Holyoke (Mass.) CU; * Metro CU, Chelsea, Mass.; and * St. Anne’s of Fall River (Mass.) CU.
To qualify, buyers must have a MassHousing mortgage through an approved lender, use the home as a principal residence for a minimum of three years, and purchase a one, two, three or four-family home from a seller unrelated to the buyer by Dec. 1. Buyers will have the principal and interest payments on the tax credit loan deferred from the time of closing until the loan due date of June 1. If they do not repay in full, it will be amortized for 10 years at the same interest rate as their first mortgage loan.