How Can a First Time Home Buyer Get The Tax Credit For Down Payment and or closing costs? Absolutely, yes, but you must act fast and meet the qualifications. In NJ there is a Pre Fund program where the state of NJ will “loan” up to $5000 of the tax credit at for first time home buyers at closing for the buyer’s down payment or closing costs. This is called the The First-Time Home Buyers Tax Credit Loan (“TCLP”)  Program.

Simply put, TCLP is a loan given to First Time Home Buyers to pay down payment and/or closing costs to Agency  Home Buyer Program first-time  home buyers  who meet all of the requirements of the Home Buyer Program and who are eligible for the credit as permitted by the federal law establishing the credit and the  guidance provided by the IRS  in the General Instructions that accompany IRS Form 5405 and  who apply for a TCLP loan on or after April 8, 2009 and close on the home purchase between April 8, 2009 and before December 1, 2009. The TCLP loan will not exceed $5,000 ($4,000 in the case of married filing separately) and will be secured by a second mortgage.  The borrower will pledge to apply  the refunds received from the first-time home buyer tax credit toward the repayment of the TCLP loan.

Visit the TCLP fact Sheet for more information about elgibility and conditions.   

For a quick overview on the definition of a first time home buyer, please visit this comparison chart that outlines who qualifies for the first time homebuyer tax credit of 2009 versus 2008

Post By Audeliz Angie Perez (160 Posts)

Angie Perez is a NJ Circle of Excellence award winning real estate agent for Weichert, Realtors in Edison. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.

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