No More Money!

Who knew my initial blog for BerksCountyRealEstate blog would be breaking news!

There is no more funding available for the Tax Credit Advance Loan Program. So you never heard of that? Well, buyers who could take advantage of the $8,000 first time home buyer credit had the opportunity to borrow up to $5,000 to use right at the settlement table. This was called the Tax Credit Advance Loan (TCA), and the consumers loved it. Maybe too much, since PHFA just advised us that there is no longer funding for this program.

Don’t lose heart, though, as the tax credit is still in place, and we hope Congress will extend it. If they do, PHFA (Pennsylvania Housing Finance Agency) might offer the loans again.

If you have a settlement coming, and you are expecting this loan, call your lender right away. As with anything involving the sale of real estate, go to the professional with whom you have been working, and get the correct information right from them. If you listen to rumors, not only will there be no money, there will be no sanity for you either!