With so many first-time homebuyers looking for their first home, I want to tell you about a superb new program for them. Recently I had a client, Susan, who had met with several loan officers before being referred to me. No one had mentioned this program to her.
After we discussed her situation and financial goals, I told her about this new program for qualified first-time homebuyers. We qualified Susan for a conventional mortgage with only 3% down! In addition, she qualified for down payment assistance. The down payment assistance is not a grant. It is a second mortgage that the homebuyer pays back (either when they sell their home or move, or they pay back the loan in small monthly payments over a ten year period). The down payment assistance helped her with the down payment and closing costs so she also had more resources for some remodeling she wanted to do on her new home.
BEST OF ALL, this is a Mortgage Credit Certificate program where she will get a tax credit of up to $2,000 back on her federal taxes EVERY YEAR until she moves, sells or refinances! This credit reduces her tax liability, dollar for dollar, on her federal taxes by up to $2,000 each year. This program benefits those borrowers who have a federal tax liability and either reduces their tax bill by up to $2,000 per year or increases their refund from the IRS of up to $2,000 per year as long as they live in the home as their primary residence.
Susan said, “I am so thrilled to be a first-time homeowner! Being able to own my very own property to call home is a feeling like no other.”
To find out more about this Mortgage Credit Certificate program and see if you qualify, please call or email me.
Kay Halvorson
Mortgages Unlimited, Inc. (NMLS# 251210)
Cell:612-720-1200
Email: khalvorson@muihomeloans.com
