SAN ANTONIO (San Antonio Express-News) – The Texas Department of Housing and Community Affairs is no longer accepting applications for short-term loans to homebuyers eligible for the $8,000 federal tax credit.
Because first-time homebuyers generally have enough money to cover their down payment, but not always enough to pay closing costs, the state has been offering 90-day loans since July to help them use the federal tax credit.
Since the department set aside $7.5 million and began offering the loans, it has received 1,225 applications. It stopped accepting loans to ensure it could process them by Dec. 1, the deadline to finalize home purchases while taking advantage of the tax credit.
