There are several State and local housing programs that are offered. Many states, county, and local government programs offer to finance qualifying low-to-moderate income families wishing to purchase their first home.
Downpayment assistance program (DAP or DPA) is available to qualified home buyers through various government entities. Different government agencies offer different programs in different counties. They all have certain qualifying requirements with respect to credit, income, asset, and property. Some programs can be combined with others such as the Mortgage Credit Certificate (MCC) program.
Loan assistance programs like Mortgage Credit Certificate (MCC) offers a partial tax credit for interest on the loan. These programs typically offer:
- More relaxed qualifying guidelines;
- Lower upfront fees;
- Lower interest rate;
- Fixed rate.
The program is open to those individuals and families who:
Meet income and home purchase requirements;
Have not owned a home as primary residence in the past three (3) years;
Meet the qualifying requirements for the mortgage loan;
Will use the home as their principal/primary resident.
Additional information regarding Mortgage Credit Certificate is available here.
Give us a call to speak with one of our Loan Officers: (866) 772-3802.