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 NEW
POWERPOINT PRESENTATION
STEP 1:
PLEASE REVIEW FAQ's AND QUALIFICATIONS BELOW THEN PROCEED TO
STEP 2.
2008 Mortgage Credit Certificate (MCC) Program
What is an MCC?
An MCC provides eligible homeowners a
tax credit based
on the interest paid annually on their mortgage loan.
For example: $100,000 loan @ w/6%
interest rate
Pays: $6,000 interest on their
mortgage the 1st year
Receives: our MCC providing a 30% tax
credit
Equals: $1,800 tax credit ($6,000 x
.30)
Note: Buyer can receive a similar tax
credit each year, for the entire life of the loan. This
tax credit is only available to homeowners using this program.
Program Period:
July 30, 2008- until the
program allocation have been used
Eligible Program Area:
Counties: Austin, Brazoria, Chambers, Liberty, Matagorda,
Walker, Waller, and Wharton. Cities: Baytown, Deer
Park, Dickinson, La Marque, La Porte, League City,
Pasadena, Santa Fe, Shoreacres, Texas City and Tomball
Mortgage Product Types:
All loan terms
Cost:
Participation Fee= 1% of loan
amount + $75 and
Application Fee= $75
SETH Grant:
Program provides a $2,000 Grant for
1st Time Homebuyers
Borrower Restrictions:
Buyers do not have to be first time
homebuyers except in
the counties of: Austin, Matagorda, Wharton and Waller.
Purchase Price Limits:
$237,031- may be higher
in Target Areas
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Income Limits:
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Austin County: |
(1-2)
$55,700
(3 or more) $64,055 |
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Brazoria
County: |
(1-2)
$81,960 (3 or more) $95,620 |
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Matagorda & Wharton: |
(1-2)
$55,000 (3 or more) $63,250 |
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Walker &
Targeted Wharton: |
(1-2)
$66,000 (3 or more) $77,000 |
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Waller
County: |
(1-2)
$61,100 (3 or more) $70,265 |
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All
Other Program Areas: |
(1-2)
$73,320 (3 or more) $85,540 |
Homebuyer Education:
Required for all buyers.
PROCEED TO STEP 2
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