If you are searching for a NM home loan, chances are you already know that the deadline for being in contract on your new home in order to receive the Federal tax credit for first-time buyers is coming up at the end of this month, April 2010. Yet, did you know that the state of New Mexico has gone out of their way to allow more New Mexico residents to purchase their new home with this Federal program?
It's true! New Mexico first time home buyers (which actually means those who have not purchased a home within the last three years) can now get help making the down payment on their new NM home loan through a state operated program called the Tax Credit Loan Program.
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The Background
While most New Mexico residents have been dreaming about taking advantage of the Federal tax credit which is currently rewarding first-time home buyers with up to $8,000 in tax credits (or refunds!)just for taking out a new NM home loan, not everyone has been able to take advantage of this deal.
Why? Because they don't have a down payment to secure the NM home loan that is required to take advantage of the Federal tax credit. That has always been a problem for people looking to secure a new home loan in New Mexico, but the problem has been even more widespread throughout the state as people suffer from job losses and other effects of the troubled U.S. economy.
That was why the New Mexico Mortgage Finance Authority started the Tax Credit Loan Program with the goal of allowing more New Mexico residents the opportunity to take advantage of the Federal tax credit program for first-time home buyers.
The Program
This program allows those who are taking out a new NM home loan to take up to $6,500 in a special loan that will go directly to the down payment on the NM home loan. This is just the help thousands of families have needed in order to take advantage of the Federal program.
The catch here is that the money you receive from the program is a loan which must be repaid. Those who are using the Federal tax credit to offset large bills that will be collected by the IRS at the end of the year won't benefit much from this program, but those who are expecting to receive the majority or all of their Federal tax credit back as are fund will benefit tremendously.
The program is designed so that the refund received from the Federal government at the end of the year can pay back the down payment loan that was taken through this state operated program.
This is not free money, but rather a convenient way for first-time home buyers in New Mexico to get the down payments needed to take advantage of the huge Federal tax credit.
The Approaching Deadlines
If you are looking to take out a NM home loan in the near future and are interested in either of these programs, you have to act quickly. You must be in contract on your new home by the end of this month, April 30, 2010, in order to qualify for the Federal tax credit.
Further, your home purchase must be completed by June 30, 2010 in order to actually receive your credit on your taxes. This means you need to act quickly to get pre-approved for your NM home loan and get into contract to take advantage of these programs.
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