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North Carolina Down Payment Assistance Systems

Online Payments - The North Carolina Housing Finance Agency got two excellent plans for first-time Home Buyers. These systems would be the Mortgage Credit Certificate and the deposit Assistance Program.

You purchase a property between January 1, 2009 and December 1, 2009 and should you qualify for one of those programs, you could also be eligible for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? A first-time Home Buyer is someone who has not owned a home in the past three years. It is the exact same qualifying definition.

It is possible to claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes in case you are eligible for the MCC. You can save around $2,000 on your taxes.

If you do qualify for the MCC you may find a way to combine this with the $8,000 tax credit. This might reduce a buyer's tax liability .

Who Qualifies for an MCC?

Who qualifies for an MCC is based on the cost of the house and your income you're purchasing. Household income is defined as the “gross income of the mortgagor and any other individual anticipated to reside in the home who is 18 years of age or older.”

The income and house price limitations Durham and Chatham Counties are given below.

MCC Income Limits 1 Man $61,500 2 Persons $61,500 3 Men $70,500 4 Persons $70,500

MCC Sales Cost Limits New Dwelling $220,000 Existing Residence $210,000

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

This program has more stringent income limitations than the MCC plan summarized above. Like the MCC application, it can be utilized in combination with the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment help, however, can't be employed together with all the MCC. That is an either or scenario.

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

Down Payment Assistance Income Limits

1 Person $39,950 2 Men $45,650 3 Persons $51,350 4 Persons $57,050

Down Payment Support Sales Price Limits New Home $210,000 Existing Residence $210,000

alida42.txt · Last modified: 2018/10/27 07:58 (external edit)