Quick Facts about Federal Tax Credit

10% of purchase price up to $80K for max of $8K tax credit. Income cut-off Modified Adjustable Gross Income for single is $75K  or couples of annual income less than $150K.
Credit doesn't have to be repaid unless house is resold withing 36 mons. even if loan is financed with mortgage revenue bonds.
Any resident alien or citizen who has not owned a home in last 3 yrs. qualifies.
1)Texas Dept of Housing & community affairs has 2 short term loan programs to be repaid with federal tax credit.
2)Mortgage assistance program 5% of 1st lien amount up to $6K, interest free for 120 days.
3) Down payment assistants program has a loan of 5% up to $7K 90 days interest free. see MyFirstTexasHome.com

$8000 Tax Credit Video

 There’s only a few months left to take advantage of the federal tax credit of $8000.00 for first time homebuyers. Housing prices couldn’t be better and mortgage interest rates are low which creates a great opportunity for first time homebuyers. There is a huge inventory of effectively priced properties in the El Paso area. I am an experienced professional ready to assist you every step of the way. There is an array of mortgage programs and products specifically designed for the first time homebuyer.

$6500 Tax Credit for Move Ups

The $6,500 tax credit is for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. As with the $8000 tax credit, home buyers must have a fully executed and accepted contract in place before April 30, 2010 and close by June 30, 2010.