G. Patrick, LT. Gov, Murray, MassHousing and MAR Announce New Program for Using $8K Tax Credit for Downpayments

July 15, 2009 – (RealEstateRama) — At a press conference yesterday at the State House, MAR President Gary Rogers joined Governor Patrick, Lt. Governor Murray and MassHousing Chairman Dirrane announce Masshousing’s new loan program that allows first-time home buyers to “monetize” the $8,000 Federal homebuyer tax credit for downpayments and closing costs.

(From left) Worcester homeowner Thomas Gusha, Governor Patrick, MAR President Gary D. Rogers and Lt. Governor Murray speak with reporters about the new MassHousing program.

“MAR is very proud to have been a resource for the Patrick/Murray administration and MassHousing in the creation of this new program,” said MAR President Gary Rogers.  Massachusetts now joins a small but growing number of states that have developed a unique way to allow buyers to access the credit at a time when it can be most helpful in the home buying process.  In fact, a study just released by the National Association of REALTORS found that 82% of would-be home buyers believe that saving enough for a downpayment is still their biggest obstacle to home ownership.

Almost immediately after the $8,000 tax credit was signed by the President, MAR began working with MassHousing to explore ways that the credit could be used for a downpayment.  “We are very pleased that the Patrick/Murray administration and MassHosuing have been able to make this happen,” said MAR CEO Rob Authier who had numerous discussions with MassHousing on the creation of the loan program.  “We think it will help many people become homeowners in the Bay State.”

For more information on this loan program go to www.MARealtor.com or the Homebuyer Tax Credit Loan Program page at  www.MassHousing.com.