Home > Uncategorized > Tax Credit Advance (TCA) Loan Program

Tax Credit Advance (TCA) Loan Program

December 10, 2009 Leave a comment Go to comments

PHFA’s Tax Credit Advance Loan Program, or TCA, provides an upfront, interest free loan to eligible borrowers so they can apply their 2009 or 2010 federal income tax refund to their down payment and/or closing costs associated with the purchase of their home.  This is not a grant,  this is a loan that must be repaid. Loans closed in 2009 are due to be paid back to PHFA by June 30, 2010. Loans closed in 2010 are due to be paid back to PHFA by June 30, 2011.   

First-time homebuyers may receive the lesser of 10% of the purchase price OR $6,000 for newly constructed homes, $5,000 for existing homes .  Non first-time homebuyers may receive the lesser of 10% of the purchase price OR $4,000 for newly constructed homes, $3,000 for existing homes. 

A minimum down payment is required.  You must invest at least $1,000 of your own funds for conventional loans. This is not required for loans insured by FHA or guaranteed by USDA/Rural Development (RD) or the Veteran’s Administration (VA).  

Contact me for more information. 

  

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