$8000 Tax Credit Advance for Downpayment – UPDATE

Previous posts have detailed the Washington State Legislature’s efforts to get the Fed’s $8,000 first time home buyer credit available for use as a home buyer’s down payment at closing. Washington’s Governor Gregoire has signed the legislation that allows the Washington State Housing Finance Commission to make the funds available, however the program’s implementation has stalled at the IRS office.

A recent notice from Washington REALTORS® states they are working on alternatives to make this program available by the end of June.

Washington REALTORS® have provided the money to guarantee the program and all that is left is some sort of mechanism to ensure that when the borrower receives the $8,000 from the IRS, those funds are dedicated to pay off the bridge loan.

In the meantime, what can you do Now to prepare?

Attend a Free Homebuyer Education Class: First Time Home Buyers can attend a Washington State Housing Finance Commission Sponsored Home Buyer Education Seminar; this 5-hour seminar is a requirement for receiving a loan from the Commission. 

Once the Washington State Tax Credit Advance Loan Program does become available, as it is a loan, completing the Commission Sponsored First Time Home Buyer Education Seminar will be required.  Once you have your certificate, you will then be eligible to participate in the down payment advance program.

Steve Swanson is an instructor of First Time Home Buyer Seminars sponsored by the WSHFC.  Register online for his next class at www.helloRealEstate.net 

For a list of all the upcoming classes in the State of Washington sponsored by The Washington State Housing Finance Commission, visit www.WSHFC.org