First Time Homebuyers Can Get Up To $8000 in Federal Tax Credits Toward Their Down Payment Assistance (67 Selected CA Cities)

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The Independent Cities Finance Authority (ICFA) is pleased to announce the launch of a new program that enables First Time Homebuyers to receive up to $8,000 in federal income tax credit funds that can be used toward the down payment or closing costs for an FHA loan.

The Independent Cities Finance Authority (ICFA) is pleased to announce the launch of a new program that enables First Time Homebuyers to receive up to $8,000 in federal income tax credit funds that can be used toward the down payment or closing costs for an FHA loan.

First Time Home Buyer Second Mortgage Loan Program was developed to make homeownership more affordable for first time homebuyers and support home sales in our community. This program is available through 11/30/2009 to borrowers who qualify for the federal income tax credit refund under the American Recover and Reinvestment Act of 2009 and obtain an FHA loan through a participating program lender.

By using the program, First Time Homebuyers can receive an advance of their federal tax credit funds that can be used to meet the 3.5% minimum down payment requirements on an FHA loan, essentially eliminating the need for the borrower to provide a down payment. To be eligible for the program, borrowers must:
•have single tax payer income up to $75,000 and household income up to $150,000
•have no ownership in a primary residence in the last 3 years (first-time home buyer status)
•close on a home purchase by 11/30/2009
•obtain the second mortgage in conjunction with an FHA 30 year, fixed rate loan
•purchase a home within the 67 ICFA city limits

In order to make the tax credit available to homebuyers at the time of mortgage closing, ICFA will provide $8,000 in the form of a 2nd mortgage with the proceeds to be used for the homebuyer's down payment and or closing costs. Upon receipt of their federal first time homebuyer tax credit, the home buyer will pay off the ICFA second mortgage. ICFA First Time Home Buyer Tax Credit Second Mortgage Loan Program is available on a first come, first served basis to all real estate brokers/agents, residents, or builders in any member city of ICFA.

ICFA is a Joint Powers Authority of 67 Cities and Counties, collectively representing more than 7 million Californians. Member cities include Alhambra, Apple Valley, Azusa, Baldwin Park, Barstow, Bell, Bellflower, Brea, Carson, Chino, Claremont, Colton, Commerce, Compton, Covina, Downey, Duarte, El Monte, Fairfield, Fontana, Fresno, Gardena, Garden Grove, Glendale, Glendora, Hawaiian Gardens, Hawthorne, Hermosa Beach Huntington Park, Indio, Inglewood, La Habra, La Puente, Lakewood, Lancaster, Lawndale, Long Beach, Los Angeles, Lynwood, Monrovia, Montebello, Monterey Park, Morgan Hill, Norwalk, Palmdale, Paramount, Pico Rivera, Pomona, Rancho Cucamonga, Rialto, Riverside, Rohnert Park, San Bernardino, San Bernardino County, San Diego County, San Fernando, San Mateo County, San Juan Capistrano, Santa Clarita, Santa Rosa, Signal Hill, South Gate, Vernon, Vista, West Covina, Whittier, Yucaipa

Homebuyers interested in participating in this program should contact:
Clearinghouse CDFI
23861 El Toro Road, Suite 401 Lake Forest, CA 92630
888-202-4439

Realtors interested in participating in this program should contact:
888-202-4233

Municipalities interested in the this program should contact:
Wolf & Company Inc. 34072 Violet Lantern St, Suite C
Dana Point, CA 92629
949-489-8036

INDEPENDENT CITIES FINANCE AUTHORITY
Post Office Box 1750, Palmdale, CA 93590-1750
Tele: 877.906.0941 Fax: 661.943.5279
http://icfauthority.org/icfa/ProgramsDetail.aspx?StoryID=18&Page=

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