MCC Tax Credit

Mortgage Credit Certificates Are Not Mortgages
   
 An MCC is a tax
credit which means fewer tax dollars can be withheld from your regular paycheck,
increasing your take-home pay.  The lender can use the credit to help increase
your buying power up to an additional 10%.

MORTGAGE CREDIT CERTIFICATE ELIGIBILITY
REQUIREMENTS

Available With New Purchase Loans

Must Be First Time Home Buyer (Not Owned A
Home In Previous 3 Years) Unless Purchasing In A
Targeted Area

Recapture Tax Applies

Income and Acquisition Limits Based On Family Size

Owner Occupied

WSHFC Home Buyer Education Required

Must Work With WSHFC MCC Participating Lender

Cost is $657.50

Can Be Renewed On A Refinance for $375.00 Fee

FHA Can Be Used As A Deduction From Monthly
Payment Qualifying For More Home

FNMA/VA/USDA Used As Income To Qualify For More
Home

Recapture Tax:

** Applies to the WSHFC Mortgage Credit Certificate program
only

Recapture only applies if all 3 of the following occur:

Your home is sold or disposed of within 9 years of
being purchased, for reasons other than your
death;

There is a capital gain on the sale of your home,
AND

Your household income for the year in which you
sell your home exceeds federal recapture tax
limits. See your lender for current limits.

Happy Investing!

Today's blog courtesy of Cheryl Taylor, American Pacific Mortgage

First-Time Homebuyer Loans

ARE THERE SPECIAL MORTGAGES FOR FIRST-TIME
HOMEBUYERS?
Yes

Affordable First time home buyer options

WSHFC Home Advantage

NHF Platinum

MCC Tax Credit

WHAT IS AN NHF PLATINUM LOAN?

True Grant For Down Payment and Closing Costs
and or Pre-Paid Items

Income Less Than $103,040 In King and Snohomish
Counties

FHA/VA 5% of First Mortgage Amount

Conventional 3% of First Mortgage Amount

USDA 3% of First Mortgage Amount

QUALIFYING

FHA 640-659 FICO 45% DTI

FHA 660 and Above 50% DTI

Manufactured Homes    660 FICO

FNMA My Community 97% 680, FICO FNMA Income

FNMA My Community 95% 640, FICO FNMA MCM

FNMA Condo 95% and lower LTVs

Standard FNMA 95% 740 FICO 140% Area Median
Income

1 Unit Properties only

Maximum Loan Amounts $417,000

1.5% Origination Fee All Programs

This is simply a general outline of financing available for first-time homebuyers. If you are interested in learning more about your qualifications to buy your first house, please send me a private message at HomeLandInvestment@gmail.com or call my 24/7 recorded hotline at 888-621-4999.

Happy Investing!

Today's blog courtesy of Cheryl Taylor, American Pacific Mortgage