$8,000 Tax Credit for Downpayment and Closing Costs

After a long wait, Massachusetts last week joined a small but growing number of states that have developed a unique way to allow Buyers to access the $8,000 first-time home buyer tax credit at Closing.

 The plan allows qualifying first-time home buyers to "monetize the $8,000 Federal homebuyer tax credit for their downpayment and/or closing costs .  Here is how it works:

Under the plan , no interest is charged if the loan is repaid by June 1, 2010. Otherwise, the loan is amortized over the next 10 years, at the same interest rate as the first mortgage.