How can your borrower...
1. Qualify for an additional $166 a month maximum?
2. Receive an additional $2,000 tax credit at the end of the year?
3. Pay a rate of 6% and it feel more like 4%?
4. Earn more income per month with a 1st time buyer program?
5. Receive an extra tax benefit for every year they own a home?
6. Reduce their monthly mortgage payment by $166 a month?
7. Buy a house for $0 out of pocket and still receive a Tax Credit?
8. Save at least $25,000 in interest over the life of their mortgage?
....with the MCC Program.
A Mortgage Credit Certificate Program (MCC) allows the homebuyer to claim a tax credit for some portion of their mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability. The program is open to those individuals and families who:
• Meet income and home purchase requirements.
• Have not owned a home as a primary residence in the past 3 years.
• Meet the qualifying requirements of the mortgage loan.
• Will use the home as heir principal/primary residence.
Showing posts with label mortgage credit certificate program. Show all posts
Showing posts with label mortgage credit certificate program. Show all posts
Wednesday, September 16, 2009
Wednesday, May 20, 2009
Austin Down-Payment Assistance Program
The Down Payment Assistance Program (DPA) provides qualified, first-time homebuyers, with a zero interest loan to assist with purchasing a home located within the Austin City Limits. DPA funds cover the down payment and eligible closing costs and pre-paid expenses associated with buying a home.
The DPA Program options are as follows:
Standard DPA: Up to $10,000 in a deferred, forgivable, 0% interest loan for 10 years. Up to $1,000 additional for borrowers in a Mortgage Credit Certificate Program and up to $4,999 for people with disabilities. The loan is forgiven if the borrower remains in the home ten (10) years without transferring title. Otherwise the loan is due and payable if the borrower sells, leases, transfers title, refinances, gets a home equity loan, or pays off the first lien within ten (10) years.
(NEW) Shared Equity DPA: Up to $40,000 in a deferred,0%-interest loan for 30 years. Borrowers must pay back the DPA loan plus a percentage of their equity (that is the same percentage as AHFC's contribution) when the borrower sells, leases, refinances, gets a home equity loan, pays off the first lien, or otherwise transfers title within 30 years. When selling the home, the borrower agrees to give AHFC the chance to purchase the house at market rate ("right of first refusal").
For more information you can visit: http://www.ci.austin.tx.us/ahfc/first_dpa.htm
The DPA Program options are as follows:
Standard DPA: Up to $10,000 in a deferred, forgivable, 0% interest loan for 10 years. Up to $1,000 additional for borrowers in a Mortgage Credit Certificate Program and up to $4,999 for people with disabilities. The loan is forgiven if the borrower remains in the home ten (10) years without transferring title. Otherwise the loan is due and payable if the borrower sells, leases, transfers title, refinances, gets a home equity loan, or pays off the first lien within ten (10) years.
(NEW) Shared Equity DPA: Up to $40,000 in a deferred,0%-interest loan for 30 years. Borrowers must pay back the DPA loan plus a percentage of their equity (that is the same percentage as AHFC's contribution) when the borrower sells, leases, refinances, gets a home equity loan, pays off the first lien, or otherwise transfers title within 30 years. When selling the home, the borrower agrees to give AHFC the chance to purchase the house at market rate ("right of first refusal").
For more information you can visit: http://www.ci.austin.tx.us/ahfc/first_dpa.htm
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