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04-14-2009, 02:03 PM
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I help make great deals
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Join Date: Jun 2006
Location: South Metro Denver
4,538 posts, read 4,622,695 times
Reputation: 1356
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First time home buyer program
CHFA Brings Stimulus Dollars to Homebuyers
New Mortgage Program Helps Coloradans Leverage Federal First Time Homebuyer Tax Credit into Down Payment
(DENVER) - Colorado Housing and Finance Authority (CHFA) and Congressman Ed Perlmutter (D-7) unveiled CHFA JumpStart, a new home mortgage program to help Coloradans take advantage of the first time homebuyer federal tax credit in the American Recovery and Reinvestment Act.
“Through the CHFA JumpStart program, we are bringing the benefits of the economic stimulus plan to Colorado,” said Congressman Ed Perlmutter. “First time homebuyers will be able to leverage the future benefit of the federal tax credit by working with CHFA to access the dollars needed to buy a home today.”
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04-14-2009, 03:15 PM
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Senior Member
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Join Date: Mar 2008
Location: Denver, CO
469 posts, read 301,915 times
Reputation: 183
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nice, thanks for the info!
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04-14-2009, 03:23 PM
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I help make great deals
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Join Date: Jun 2006
Location: South Metro Denver
4,538 posts, read 4,622,695 times
Reputation: 1356
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This program would "lend" you the credit of up to $8,000 at 0% interest and you would have to pay it off by June of next year.
It's awesome!
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04-15-2009, 12:03 PM
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Senior Member
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Join Date: Feb 2008
Location: Canon City, Colorado
920 posts, read 791,007 times
Reputation: 243
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What do you mean you would have to pay it off?? I didn't know that, even though it seems reasonable. So for let's say 12 months, one would have to save 666.66 per month ( kinda creepy) to pay it back??
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04-15-2009, 02:52 PM
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I help make great deals
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Join Date: Jun 2006
Location: South Metro Denver
4,538 posts, read 4,622,695 times
Reputation: 1356
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They way the tac credit works - you have to wait until next year to file your taxes to get the check. CHFA's new program would lend you the (up to) $8,000 at closing, so when you get your check next year you pay off the CHFA 2nd.
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04-15-2009, 03:27 PM
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Senior Member
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Join Date: Feb 2008
Location: Canon City, Colorado
920 posts, read 791,007 times
Reputation: 243
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OOOOOOOOOHHHHHHHHHH!! I see!! 
Does it have to be done this year or, will it go into next year too?? |
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04-15-2009, 03:43 PM
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I help make great deals
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Join Date: Jun 2006
Location: South Metro Denver
4,538 posts, read 4,622,695 times
Reputation: 1356
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Right now the tax credit will go away December 1 2009.
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