Mass. to let home buyers borrow on $8G tax credit
Massachusetts thinks it’s found a faster way to get an $8,000 federal tax credit into the hands of first-time home buyers.
Gov. Deval Patrick announced yesterday a new state program that would effectively let first-time home buyers borrow against the federal tax credit for home down payments or for closing costs.
The program, which will be run by the quasi-public agency MassHousing, would loan potential buyers, via a second mortgage, the $8,000 if they get their primary mortgage through the agency.