The $7,500 tax credit that is available for First Time Buyers. Here is an excellent source of information about the tax credit http://www.federalhousingtaxcredit.com/faq.php Please take a look at Q&A #13. It clearly shows that if your buyer is using (or has used) a Mortgage Revenue Bond (MRB) program like CHFA or the Metro Mayors Bond program, They are NOT eligible for the $7,500 Tax Credit.
However, if your first time buyer is using a regular FHA, Conventional, or VA loan, they are eligible for the $7.500, even if they are using a community 2nd like CHAC or Aurora HOAP. This $7,500 is a NO INTEREST loan and must be paid back over 15 years but it is a great incentive to get them into a home. Remember that interest rates are still in the low 6% range and there IS money out there to lend.
I look forward to any questions you may have and I would like to wish you a Very Happy Thanksgiving
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