Earn $75000 When You Buy a House!

Want to earn tax credits when you buy a house? These may be potentially worth $60-75,000 over the life of your mortgage, depending on income and other qualifications.

Both the Washington State Housing & Finance Commission (WSHFC) and the National Homebuyers’ Fund (NHF) offer down payment assistance programs. One of the options under these programs is the “Mortgage Credit Certificate”, allowing a qualified homebuyer (Typically, higher income homebuyers with few deductions or credits) to claim up to 20% of annual mortgage interest paid as a federal income tax credit.

Here is how it works:

Borrowers are subject to income limits, and under some conditions may be subject to recaptured tax when they sell the home.

Borrowers should always consult a tax expert to figure out if the program is right for them. To find out more, please message me privately at HomeLandInvestment@gmail.com

Happy Investing!

No Down Payment

Yes, Virginia, there really are Zero Down Payment mortgage loans still available.

Here are the types of conventional mortgage loans that require no down payment:

· VA Loan - No down payments
http://benefits.va.gov/homeloans/purchaseco_eligibility.asp

· Navy Federal Credit Union Loan - No down payment.
https://www.navyfederal.org/products-services/loans/mortgage/mortgage.php

· USDA Loans - No Down Payment
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do




These loans are readily available to military veterans, or to those purchasing homes in qualified rural areas.




The following types of loans require little down payment:

· FHA Loan - Need a minimum down payment of 3.5%.
http://portal.hud.gov/hudportal/HUD?src=/buying/loans

· Home Path Financing - Need 3% down payment
https://www.homepath.com/financing.html

· Conventional Financing - Need a minimum 5% down payment.

And qualified borrowers might be eligible for up to $75,000 in mortgage tax credits. See:
http://www.mshomecorp.com/homebuyers/mortgage%20credit%20certificate.htm

If you are investing in real estate, you should know your financing options. Please message me privately at HomeLandInvestment@gmail.com for referrals to my preferred lenders to help with your purchase or refinancing needs.

Happy Investing!

Mortgage Tax Credit BIGGER than First-time Homebuyer Credit!

Paul Scobee from Guild Mortgage gave me this scoop on the Mortgage Credit Certificate (MCC) program, which allows qualified borrowers to get a federal income tax credit of up to 20% of the mortgage interest that they pay annually. Buyers can take advantage of this program in addition to the $8,000 first-time buyer credit...but the MCC will last up to 30 years!


What is an MCC and How does it Work?

MCCs are tax credits that put extra cash in your buyers pocket each month, so they can more easily afford a house payment. This means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay.

Applications are accepted on a first-come, first-served basis by a statewide network of lenders. With only a few contributing lenders, Guild Mortgage is a participating lender. Your lender will establish all underwriting criteria, including interest rate, down payment requirement, etc.

MCCs are available with fixed or adjustable rate conventional conforming (i.e., Fannie Mae or Freddie Mac saleable), FHA, VA, and Rural Development mortgages.

As with any program, there are qualifying rules and regulations. For example: in King County the house has to be a single-family residence that does not exceed an acquisition cost of $450,000.

With MCC, a buyer qualifies for a larger monthly payment and hence, a bigger better house! I can refer you to savvy lenders like Paul Scobee at Guild Mortgage--just ask me for referrals!