First-time home buyers in Seattle and the state of Washington may be able to get that $8,000 tax credit earlier than expected. The WA Legislature has approved a plan to fund short-term loans to buyers and advance them the $8,000 at the time of their home purchase's closing. The loan would be repayable after receiving the tax credit at the end of the year.
From the Washington Realtors' press release:
The program authorizes the state treasurer to deposit $25 million in a financial institution, which would then open a line of credit for the Washington State Housing Finance Commission (HFC). The HFC would use that credit line to pay for down payment loans to first-time buyers. Buyers repay the advance loan after filing for and receiving the tax credit.
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