Am I eligible for the $8,000 tax credit for first-time homebuyers if I am using an PHFA loan with the HOMEstead program?

Asked by Kristi, 15522 Mon Dec 7, 2009

Is it possible to benefit both home buying incentives, one offered by the state and another by the federal government? Or will I be required to use the $8,000 tax credit to repay the HOMEstead forgiveable no interest loan?

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Heather Mori…, Agent, Allentown, PA
Mon Dec 7, 2009
Hello Kristi! Yes if you qualify for any of the Programs available through PHFA you can get both deals. But, what you can not do is use the PHFA TCA Tax Credit advance program to get some of the money up front so you do not have to wait for the 8000 in your tax return...which is taking about 12 to 24 weeks to get back.

Here is a guide direct from PHFA that may answer some of your other questions too!

Good Luck Kristi!
1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Dec 7, 2009
For an accurate answer you need to speak with your tax consultant.
0 votes
Al Akerman, Mortgage Broker Or Lender, Lakewood, NJ
Mon Dec 7, 2009
I am not sure what the HOMEstead is, but you can use forgivable grants in addition to the $8,000 tax credit.
0 votes
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