North Carolina Down Payment Assistance Systems
Online Payments - The North Carolina Housing Finance Agency got two excellent programs for First Time Home Buyers. These systems are the Mortgage Credit Certificate and also the deposit Assistance Program.
Should you meet the requirements for one of those plans and you also purchase a home between December 1, 2009 and January 1, 2009, you can even qualify for the $8,000 tax credit only enacted into law.
First, who is a First Time Home Buyer? There is a First Time Home Buyer someone who has not owned a house in the previous three years. It is the same qualifying definition.
All home owners can claim an itemized deduction for mortgage interest. The MCC takes this a step further. An MCC “reduces your tax liability based on a percentage of the mortgage interest which you pay.
If you qualify 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 2009, for the MCC, you may be able to unite this. This might reduce a purchaser's tax liability by $10,000.
Who Qualifies for an MCC?
Who qualifies for an MCC is based on the price of the property along with your income you're buying. Household income means the “gross income of the mortgagor and every other person expected to reside in the dwelling who is 18 years old or older.”
The income and house price limits that apply in Durham, Orange and Chatham Counties are listed below.
MCC Income Limits 1 Person $61,500 2 Individuals $61,500 3 Men $70,500 4 Individuals $70,500
MCC Sales Price Limitations New House $220,000 Existing Home $210,000
The purchaser just has to pay $1,000 of their own funds and the load would pay around .
This program has more stringent income limitations than the MCC plan summarized above. Like the MCC application, it may be used together with the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment assistance, nonetheless, can not be applied in combination with the MCC. This really is an either or situation.
The income and house price limits Durham and Chatham Counties are given below.
Down Payment Assistance Income Limits
1 Man $39,950 2 Men $45,650 3 Men $51,350 4 Persons $57,050
Down Payment Assistance Sales Cost Limits New House $210,000 Existing Residence $210,000