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North Carolina Down Payment Assistance Programs

Payments Gateway - The North Carolina Housing Finance Agency has two excellent programs for first-time Home Buyers. These systems are the deposit Assistance System and also the Mortgage Credit Certificate.

Should you qualify for one of the programs and you also purchase a house between December 1, 2009 and January 1, 2009, it is also possible to qualify for the $8,000 tax credit only enacted into law.

First, who's a first-time Home Buyer? A first-time Home Buyer is someone who hasn't owned a house in the prior three years. This is precisely the same qualifying definition for the $8,000 tax credit.

What is a Mortgage Credit Certificate and Who Qualifies?

All home owners can claim an itemized deduction for mortgage interest.

If you are eligible for the MCC, you are able to claim 20% of the interest you pay as a credit on your federal income taxes. You can save as much as .

If you do qualify for the MCC, for 2009, you'll have the ability to unite this. This could reduce the tax liability of a buyer's by $10,000.

Household income is defined as the “gross income of the mortgagor and any other person expected to live in the residence who's 18 years of age or older.”

House price limitations that apply in Durham, Orange and Chatham Counties and the income are listed below.

MCC Income Limitations 1 Individual $61,500 2 Men $61,500 3 Men $70,500 4 Men $70,500

MCC Sales Cost Limitations New House $220,000 Existing Residence $210,000

Who Qualifies for Down Payment Help?

Home buyers that want help with their down payment and closing prices may be able to get down payment assistance - or, quite simply, interest-free, deferred second mortgages up to $8,000. The purchaser just has to pay $1,000 of their own funds and the load would pay as much as $8,000 of the remaining balance.

This plan has stricter income limits than the MCC plan summarized above. Like the MCC program, it might be used in conjunction with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nevertheless, can not be employed along together with the MCC. It is an either or situation.

The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Assistance Sales Cost Limits New Home $210,000 Existing Home $210,000

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