Coming up with the downpayment can be the largest hurdle for many first time home buyers. Nearly 20 states have already established a “Bridge Loan” program so first time home buyers can borrow against the pending tax credit payment, allowing the $8,000 to be applied towards the downpayment at closing. The Montana Assn of Realtors, along with the Montana Building Industry Assn, Montana Board of Housing, Montana Bankers Assn, & NeighborWorks, are working with both political parties and the governor’s office to establish a similar program in Montana. When/If this becomes available, I will post an update on this blog with details of the program.
March 28, 2009
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Last month Governor Schweitzer vetoed this bill. The fed was also talking about a way to allow it to by used toward your downpayment but that didn’t happen either. What you CAN DO is, immediately upon closing on the purchase of your home, file an amended 2008 return claiming the tax credit. That way you won’t have to wait until next year to get the $8000. Gregg
Comment by admin — June 21, 2009 @ 12:21 pm