New NIFA program lets you use your $8000 tax credit for down payment!

Finally! The Nebraska Investment Finance Authority (NIFA) has announced a program called the Advanced Buyer Credit (ABC) to allow first time home buyers who meet NIFA guidelines to use up to $6,800 of their future $8,000 tax credit for down payment, closing costs and other prepaid expenses.

Here's how it works: The buyer must invest a minimum of $1000. This includes earnest deposit, application deposit and costs paid outside of closing by the borrower. You may "borrow" up to $6,800 and this will be a second mortgage. There will be one payment at one interest rate for the both the first and second mortgage. The interest rate is 6.25%. However, when you pay off the second mortgage within 120 days after the closing date, the rate is reduced to 5.75% for the remainder of the loan. NIFA is not charging their standard 1% + .75% . This ABC loan is 0 + 0! (On a standard NIFA loan you would be charged 1.75% of the loan in fees ($1750 on a $100,000 loan) to get that loan. NIFA is making this loan very affordable!)
How will you pay off the second mortgage in 120 days? At closing, you will be required to file an amended 2008 federal tax return. Your lender will have the required documents to assist you. Once you receive your tax credit, generally it takes about 12 weeks to receive your check, you pay off the second loan.

Other requirements:
Your home loan must be an FHA or RD loan. (RD = rural developement - available in our Eagle community)
You must be a first time home buyer or not have owned a home in the last 3 years.
Meet NIFA qualifications: Maximum purchase price for a new home in a non-targeted area is $200,000. Maximum income limit in Lancaster County for 1-2 family members is $68,300 or $78,545 if there are 3 or more in your family.

Time is running out! Don't wait any longer. In order to take advantage of the $8000 tax credit you must close by November 30, 2009. It takes about 90 days to build a home. Check out Hartland Homes today for more information! Email (sales@hartlandhomes.com) or call us! (402-477-6668)