New Mexico loans down payment money 'til your $8000 gift from Uncle Sam arrives!

Are you a first-time homebuyer? Or someone who has not owned a home in 3 years?

If so, you should be aware of a couple of BIG handouts the government is offering:

1) Uncle Sam wants to GIVE YOU, free and clear, up to $8000 to buy a home!

2) The State of New Mexico will loan you the necessary down payment money, up to $6500, to make the purchase, while you wait for that check to arrive from the federal government!

Sounds too good to be true, but it really is!

As part of their effort to boost the economy, the federal government has a program in place to give a credit of 10% of the cost of a home, up to a maximum of $8000, to any first-time buyer, or anyone who has not owned a home in three years, if they buy a home before December 1, 2009! This money comes in the form of a fully refundable TAX CREDIT that you obtain either on your 2009 tax form, or by filing an amended 2008 form. The great news is the "fully refundable" part-- it means even if you owed no tax in 2008, you will still get the money! See full details on the $8000 tax credit for first time buyers here.

But many first-time buyers lack the savings for a down payment. So it doesn't help them to know that they'll get back $8000 in several months time, if they don't have the money now to make the purchase!

Enter the generous state of New Mexico! The New Mexico Mortgage Finance Authority (NMMFA) will make up to 8% of the home's value, or a maximum of $6500 available to buyers to use for down payment and closing costs on their new home! This New Mexico Tax Credit Loan means:

1. This money is available for loans made under the MFA's Mortgage$aver program, as a second mortgage with interest and principal deferred until June 30, 2010. Pay it off in full once you get your $8000 from Uncle Sam, and you've gotten to use the money interest-free! If you don't pay it off by June 30, 2010, interest begins to accrue (currently at a rate of 5.6%) and the amount owed will be amortized over thirty years.
2. You can get a zero-down loan for this program! (The maximum Combined Loan-to-Value (CLTV) under the Tax Credit Advance Loan Program is 105.00%.)

If you don't own a home, and you're planning to live here in New Mexico for a couple of years, WAKE UP and take advantage of this unbelievable program while it's still here! Let Uncle Sam put $8000 into your bank account! And let the state of New Mexico loan you the closing costs an down payment temporarily. then, either use Uncle Sam's money to pay off the NMMFA loan, building instant equity in your own home, or let that NMMFA money be amortized at a great 5.6% interest, while you hold onto Uncle Sam's gift! See all the details at http://www.housingnm.org/tax-credit-loan-program, and buy your New Mexico home ASAP!

Want to do a bit of window-shopping for houses before you start? Search the Albuquerque MLS now, and see how much is available! For expert assistance, give me a call at 505-239-4796, or email nmbroker@earthlink.net.