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North Carolina Down Payment Assistance Systems

Online Merchant account - These systems are the Mortgage Credit Certificate as well as the deposit Assistance System.

If you meet the requirements for one of these programs and you purchase a property and December 1, 2009, you may also be eligible for the $8,000 tax credit merely enacted into law.

First, who is a first-time Home Buyer? A First Time Home Buyer is someone who hasn't owned a house within the past three years. Here is the exact same qualifying definition.

All home owners can claim an itemized deduction. The MCC takes this a step further. An MCC “reduces your tax liability depending on a percentage of the mortgage interest which you pay.

You are able to claim 20% of the interest you pay as a credit in your federal income taxes should you are eligible for the MCC. It's possible for you to save up to $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you will find a way to join this with the $8,000 tax credit. This could reduce the tax liability of a buyer's by $10,000.

Who qualifies for an MCC is based on your own income and also the purchase price of the house you are buying. Household income is defined as the “gross income of the mortgagor and any person anticipated to reside in the residence who's 18 years old or older.”

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

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

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

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

This plan has stricter income limits than the MCC plan outlined above. Like the MCC program, it might be used in conjunction with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit assistance, nonetheless, can not be utilized together with the MCC. It is an either or scenario.

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

Down Payment Assistance Income Limitations

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

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

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