Winter Hill Bank will continue to participate in the extended Tax Credit Loan Program for eligible first-time homebuyers. The program extention was announced recently by Mass Housing and was developed to encourage and assist first-time homebuyers by making the new tax credit, recently enacted in the federal Housing and Economic Act of 2008 and 2009, available for the purchase of a primary residence.

Under the program the tax credit will be made available up-front in the form of a loan up to a maximum of $8000.00 towards primary residence home purchases made before July 1, 2010. The funds may be used for downpayment, closing costs and other closing related expenses and will be available to buyers at the loan closing. The Tax Credit Loan will be interest free if repaid by June 1, 2011. Applicants must be eligible first-time homebuyers using a MassHousing first mortgage through a selected MassHousing approved lender.

The program will decrease out-of-pocket expenses and will bring out many prospective homebuyers that have not been able to take advantage of the market due to limited funds. The effect of this program should also help to stimulate the local housing market. The Bank is looking forward to partnering with MassHousing and having the opportunity to provide this needed assistance to the first-time homebuyer.

For information including detailed eligibility requirements:

» Click Here  for Homebuyer Tax Credit Loan Program Description.

For further information about the program, homebuyers may contact Rich Vernet at 617-666-8600 Ext. 2221 or click here to be contacted by a representative of Winter Hill Bank.