Fort Bend Homebuyers: Take Advantage of the Mortgage Credit Certificate Program!
While at this time it is only available to Fort Bend buyers, there is a new loan program that makes financing a first home much more affordable and easier. It saves the homeowner up to $2000 off their taxes each year for the life of the loan.
The Mortgage Credit Certificate allows the lender to qualify for more home or to get approved if they have been denied in the past. The Mortgage Credit Certificate Program can be used to gross up income or ratios to enable the borrower to qualify for a mortgage loan.
The Mortgage Credit Certificate Program is available to first-time homebuyers, defined as a person who has not owned a home as a primary residence in the last three years.
One of the most exciting features of this program is that it can be combined with the current first-time homebuyer’s $8000 tax credit resulting in a credit savings of $10,000 in 2009! However, the $8,000 tax credit program expires on November 30, 2009 so it is important to buy your home prior to that date. If you act quickly, there is still time to shop for and close on a home.
The Mortgage Credit Certificate allows the homebuyer, if there is a tax liability, the benefit of a dollar-for-dollar reduction of their tax bill. The program enables the homeowner to claim a tax credit of 30% of annual interest paid, not to exceed $2000 per-year, for the life of the loan.
This program is not for investors but for those who will purchase and occupy a home for at least nine years. If the Mortgage Credit Certificate borrower sells his house within nine years, makes a profit and if his income has greatly increased, the homeowner would have to pay back a % depending on what year he sells. The penalty decreases every year.
With low interest rates and the $8000 tax rebate program, there has never been a better time to become a home owner!
There is also a new loan program aimed at assisting teachers, police officers, firemen, EMS personnel, correction officers, school nurses, teacher’s aides, librarians, school counselors and county jailers to purchase a home. This program is not limited to Fort Bend County! For details, see an article I wrote for Only Katy.com: “Special Mortgage Loan Program Helps Teachers, Police Officers and Public Servants Purchase Homes”.
For more details on both programs and to be referred to a Mortgage Credit Certificate lender, contact me @ 713-818-2404.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!
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