Connecticut FHA LOANS,CT VA Loans, CHFA CT First Time Home Buyer:CT CHFA Loan

Right NowConnecticut First-time Home Buyers Could Get up to a $7500 tax credit!

Opportunity of a Lifetime for First-Time Buyers

• Thanks to the new 2008 Housing and Economic Recovery Act, first-time home buyers could qualify for a tax break up to $7500!
• "First-Time Home Buyers" include any buyers who haven't owned a home in the last 3 years.

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. Contact Benchmark Mortgage to learn more about the tax credit.

Benchmark Mortgage - Connecticut Mortgage Lender

860-283-0000

Connecticut Mortgages:

First Time Home Buyers who qualify can get up to 100% financing and include closing costs with CHFA and get below market rates! Gift Funds Allowed.

Other options are FHA Mortgage Loans and VA Mortgage Loans.

FHA Mortgages will allow up to 97% LTV for qualified buyer(s) and up to 95% LTV for refinance customers who qualify. FHA is a great program which helps those with lower credit scores, gift funds and seller concessions allowed, new and existing home buyers allowed.

VA Loans: Up to 100% financing for qualified borrowers, no monthly MI, seller concessions and gift funds allowed, for existing and new home buyers.

For a no obligation mortgage consultation and free pre-approval contact the Connecticut Benchmark Mortgage Team www.BenchmarkCT.com or 1-866-334-5626 Toll Free in CT

CHFA Loan

The CHFA loan is a Connecticut specific program that is made available through the Connecticut Housing Finance Authority (CHFA). The CHFA program provides home ownership opportunities to low- and moderate-income families throughout the state. Qualified borrowers must fit the Authority's criteria in order to participate in the program, including loan and income limits. Borrowers benefit from low interest rates, an easy lending process, and low down payments. It offers home ownership opportunities to those who might not benefit from conventional lending programs.

CHFA product benefits:

• Zero Down payment if you are eligible. (100% financing including closing cost may be available)
• Various programs and benefits for Teachers, Police Officers and many others.
• The interest rate is fixed for 30 years offering a steady reliable payment.

More CHFA Information

The CHFA Loan program is not for everyone, and there are other options available based on your specific needs. If you would like to speak with someone to see if CHFA Loan program is right for you please call toll free in Connecticut 1-866-334-LOAN(5626) or click here

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First-time home buyers who purchase(d) a principal residence on or after April 9, 2008 and before July 1, 2009 are eligible for the credit. A first-time home buyer is defined as an individual who has not had an ownership interest in a principal residence in the three-year period before the date of home
purchase, and someone who has never taken advantage of the first-time home buyer credit available to residents of Washington, D.C. (see below). In the case of married couples, both must be first-time home buyers.

For other groups purchasing a home, the statute is less clear. Take a couple who is planning to be married in 2009. The bride-to-be and her fiancé purchased a home on June 1, 2008. She previously
owned a home in 2006 while her fiancé has never owned one. The bride will not qualify for the tax credit for the 2008 purchase because she owned a home after June 1, 2005 (three years before the date of the couple's purchase). But, since both were single when they purchased the home, the groom may
qualify for the credit. He may be eligible because both of them will file tax returns as Single for 2008. (If they married in 2008, neither would be eligible). When purchasers file a joint tax return, both
must be first-time buyers.

Obviously there are other types of households, and in some of these cases the statute could be somewhat ambiguous. As for any major financial investment, purchasers should consult a tax advisor.

Income Restrictions

There are some income restrictions with this program. Those restrictions are based on the tax filing status the purchaser claims when filing his/her income tax return. The maximum income for individuals filing as "Single" (or "Head of Household") is $95,000; individuals filing a joint return may have income of no more than $170,000.

How Does it Work?

The credit directly reduces the total amount of taxes owed and is refundable. When the buyer files his/her taxes, for the year he or she purchased the home (2008 or 2009), the taxpayer will be able to subtract the amount of the credit from his/her Federal income tax liability, increasing their refund
or reducing the amount owed.

The amount of the credit is based on the price of the home being purchased. The tax credit is equal to 10 percent of the purchase price of the home up to $7,500. The full credit is available for single buyers whose adjusted gross income is less than $75,000. If the buyer's adjusted gross income is greater than
$75,000 and his/her home purchase qualifies the buyers for the full credit, the credit phases out. For married couples filing jointly, the credit begins to phase out at an adjusted gross income of $150,000 (for details, see charts).

The tax credit is not completely free money for buyers to keep. It has a payback provision that makes it similar to an interest free-loan. Two years after the credit is claimed, buyers will have to begin repaying that "loan" so that the credit is paid back in full over the course of 15 years. For first time buyers who qualify for the full credit, the payback amount is $500 per year. Those getting less than the full credit pay equally over the 15 years (which is a rate of 6.67% per year).

If a qualifying home is resold before the credit is repaid, the seller will have to immediately pay the outstanding balance of the credit. If the home is sold at a loss, then nothing more is owed.

Other Eligibility Conditions

A home buyer tax credit has been available for first-time buyers in Washington, D.C. for many years. But buyers cannot claim both the DC and the national first-time home buyer tax credit. In addition, purchases by non-resident aliens and purchases financed by proceeds from a qualified mortgage issue are not eligible. Home purchases between relatives and other gifts of residences are not eligible for the credit. Also, the credit is good only for a principal residence located in the United States. This includes
single-family detached housing, condos or coops, townhouses or any similar type of new or existing dwelling.

Ceteris Paribus

Even with the above exclusionary factors, first-time buyers purchasing a home will reap the other benefits of homeownership. They will be able to deduct their mortgage interest payments on their
taxes, as well as their property taxes. In addition, when they sell that home, those owners will be entitled to the capital gains tax exclusion. And of course, these first-time buyers will at last be able to
feel the pride and security of owning their own home.