How the New MassHousing Program Works
1. Homebuyers who are using a MassHousing loan to purchase their first home apply for the loan program through their lender
2. The loan is used to cover closing costs or as part of the downpayment
3. In 2010, the homebuyer claims the $8,000 tax credit on their 2009 federal tax return
4. The homebuyer then repays the MassHousing tax credit loan
* 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
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