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State Offers Assistance To First-Time Homebuyers

SANTA FE -- First-time homebuyers can find new financial assistance from the state and federal government.
Gov. Bill Richardson and the New Mexico Mortgage Finance Authority announced a loan program Tuesday that will help lower-and middle-income New Mexicans make a down payment in buying their first house.
The program takes advantage of a tax credit that was created as part of the federal economic stimulus package. First-time homebuyers can get a federal tax credit of 10 percent of the purchase price of a home, up to $8,000.
The finance authority will provide a no-interest loan up to $6,500 for a down payment and individuals can use their federal tax credit to pay off the loan.

 

More information to follow as details of the program become available!

Courtesy of Associated Press

Posted by Brandon Wells @ 5:24 PM on 03/31/2009
Tags: Albuquerque First-Time Homebuyer Federal Tax Credit
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