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Old 04-14-2009, 01:03 PM
 
Location: Just south of Denver since 1989
10,915 posts, read 29,408,411 times
Reputation: 7144

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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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Old 04-14-2009, 02:15 PM
 
Location: Golden, CO
2,181 posts, read 5,636,910 times
Reputation: 2073
nice, thanks for the info!
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Old 04-14-2009, 02:23 PM
 
Location: Just south of Denver since 1989
10,915 posts, read 29,408,411 times
Reputation: 7144
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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Old 04-15-2009, 11:03 AM
 
Location: Canon City, Colorado
1,331 posts, read 4,530,119 times
Reputation: 677
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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Old 04-15-2009, 01:52 PM
 
Location: Just south of Denver since 1989
10,915 posts, read 29,408,411 times
Reputation: 7144
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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Old 04-15-2009, 02:27 PM
 
Location: Canon City, Colorado
1,331 posts, read 4,530,119 times
Reputation: 677
OOOOOOOOOHHHHHHHHHH!! I see!!
Does it have to be done this year or, will it go into next year too??
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Old 04-15-2009, 02:43 PM
 
Location: Just south of Denver since 1989
10,915 posts, read 29,408,411 times
Reputation: 7144
Right now the tax credit will go away December 1 2009.
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