What state housing agencies offer the bridge loan for the $8k FTHB credit?

[ShanetheMortgageMan]

Currently in some form or another, it's:

Colorado

Delaware

Idaho

Illinois (updated 7/16) 

Kentucky

Massachusetts (updated 7/16) 

Missouri

Nebraska

New Jersey

New Mexico

Ohio

Pennsylvania

Texas

Tennessee

Virginia

However keep in mind your mortgage lender must also participate in allowing the first time homebuyer credit to be applied to your loan at closing.  Just because FHA has permitted it doesn't mean that all lenders are on board. 

Found this information at http://www.ncsha.org/section.cfm/3/34/2920

Colorado Housing and Finance Authority (visit www.chfainfo.com)

• CHFA JumpStart Brochure
• CHFA JumpStart Fact Sheet
• CHFA JumpStart Information Sheet
• Press Release: CHFA Brings Stimulus Dollars to Homebuyers

 

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Delaware State Housing Authority (www.destatehousing.com)

• Press Release: State Program Leverages Federal Funding

 

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  Idaho Housing and Finance Association (visit www.ihfa.org)

• IHFA's Down Payment Assistance Tax Credit Advance

 

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  Kentucky Housing Corporation (visit www.kyhousing.org)

• First Home Advantage

 

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  Missouri Housing Development Commission (visit www.mhdc.com)

• MHDC Tax Credit Advance Loan Program Press Release
• Program Outline
• Tax Credit Advance Program - Max Loan Amount Tool
• Tax Credit Loan Form

 

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Nebraska Investment Finance Authority (visit www.nifa.org)

• NIFA Advance Buyer Credit Loan Program News Release
• NIFA Advance Buyer Credit Loan Program Summary

 

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  New Jersey Housing and Mortgage Finance Agency (visit www.nj-hmfa.com)

• First Time Home Buyers Tax Credit Loan Program Fact Sheet - April 6, 2009

 

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  New Mexico Mortgage Finance Authority (visit www.housingnm.org)

• Accrued Interest P & I Calculation and Amortization Form
• Information Statement and Affidavit
• Program Mortgage
• Program Note
• "Tax Credit Advance Loan" DPA Program
• "Tax Credit Loan" Down Payment and Closing Cost Assistance Program

 

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  Ohio Housing Finance Agency (visit www.ohiohome.org)

• HTCA Announcement
• OHFA HTCA 2nd Meeting Presentation
• Tax Credit Term Sheet

 

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  Pennsylvania Housing Finance Agency (www.phfa.org)

• Tax Credit Advance Loan Program

 

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Texas Department of Housing and Community Affairs (TDHCA) (www.tdhca.state.tx.us)

• TDHCA 90-Day Down Payment Assistance Program and TDHCA Mortgage Advantage Program Fact Sheet

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  Tennessee Housing Development Agency (visit www.thda.org)

• Homebuyer Tax Credit Advance Down Payment Assistance

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Virginia Housing Development Authority (visit www.vhda.com)

• Homebuyer Tax Credit plus 

Message Edited by ShanetheMortgageMan on 07-16-2009 07:20 PM

[Anonymous]

I knew DC didn't offer it, but thanks for the list. This is the first time I've seen a full list of states where this is offered. It's pathetic how the FHA and state agencies have managed the release of information regarding the tax credit.

[WannaHouse]

Just bumping this thread up. VERY useful information for those still trying to buy. 

[Anonymous]

I don't know about the other states programs, but for Missouri, the only way you can get the tax credit is that you have to use their primary mortgage, which is at 6% presently.  Also, the missouri program limits you to only $6750 of the $8000 tax credit that you can monetize.

[Anonymous]

*bump*

I know we have a million stickies, so I'm bumping this to keep it towards the top for those that need it.  Atleast until the credit deadline is over, this is helpful to many. Thanks, Shane!

[WannaHouse]

BUMP up again.

[Lel]

No need to bump this anymore - it's stickied at the top!

[ShanetheMortgageMan]

Illinois & Massachusetts just put out a program too.

Illinois Housing Development Authority

• The Illinois Home Start Loan Program

MassHousing

• Homebuyer Tax Credit Loan Program

I'm sure more will come, hopefully not too late. 

[Anonymous]

Excellent, thanks for the update. We have things lined up with a lender who was doing the bridge loan in IL already, but it's great to know that if some hitch comes up, we might have luck elsewhere.