New program to help buy your first home

SPRINGFIELD, Mass. (WWLP) - Governor Deval Patrick visited Springfield Tuesday afternoon to help launch the MassHousing First-Time Homebuyer Credit  Loan Program.

It will allow first-time homebuyers to borrow up to $8,000 in advance of their federal tax credit for homes purchased with a MassHousing loan.

Carlos Lopez, a first-time homebuyer, closed Tuesday on his new home. He said the loan program could provide a boost to many buying this year.

"It definitely could make a big difference. Actually, this is great year to buy. There's a lot help out there. That money does help for people who don't have the money to be able to get their house," said Lopez.

To qualify for the MassHousing First-Time Homebuyer Tax Credit Loan program, the house must be purchased before December 1st of this year.