North Carolina Down Payment Support Systems
Online Payments - These systems would be the Mortgage Credit Certificate and the Down Payment Assistance Program.
If you qualify for one of these plans and you also buy a property between January 1, 2009 and December 1, 2009, you can ALSO qualify for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.
First, who's a first-time Home Buyer? There is a first-time Home Buyer someone who hasn't owned a house within the past three years. It is precisely the same qualifying definition.
A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with moderate and low incomes. The MCC takes this a step further.
In case you qualify for the MCC, you are able to claim 20% of the interest you pay as a credit on your federal income taxes on your own mortgage. You can save as much as $2,000 on your taxes.
You may have the ability to combine this should you qualify for the MCC, for 2009. This may reduce the tax liability of a buyer's .
Who Qualifies for an MCC?
Household income is defined as the “gross income of the mortgagor and any other man anticipated to live 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 Limitations 1 Man $61,500 2 Men $61,500 3 Men $70,500 4 Persons $70,500
MCC Sales Price Limits New Dwelling $220,000 Existing Dwelling $210,000
The buyer only needs to pay $1,000 of their own funds and the load would pay as much as .
This plan has more stringent income limitations than the MCC plan outlined above. Like the MCC program, it may be used along with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The deposit assistance, nonetheless, cannot be applied 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 given below.
Down Payment Assistance Income Limitations
1 Person $39,950 2 Individuals $45,650 3 Men $51,350 4 Men $57,050
Down Payment Support Sales Price Limits New House $210,000 Existing Home $210,000