Sacramento Housing and Redevelopment Agency has funds available now for Sacramento County First Time Homebuyers!
The Mortgage Credit Certification Program is being offered by Sacramento Housing and Redevlopment Agency to help home buyers purchase homes in areas within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the Cunty of Sacramento. This program reduces the amount of the Federal income tax you pay, thus giving you more available income to qualify for a mortgage and to make your monthly mortgage payments.
To be eligible for this program, you must be a firt-time home buyer, meaning you cannot have had an ownership in a principal residence at any time in the past 3 years. You must also occupy the home and not exceed the Income and Purchase Price Limitations. The maximum purchase price for non-targeted areas is $453,293 and for targeted areas it is $554,025. Your maximum annual gross income for this program for non-targeted areas for a 1 or 2 person household it is $72,800 and for 3 or more, it is $83,720. For targeted areas, your maximum annual gross income is $87,360 for 1 or 2 person households and $101,920 for 3 or more person households.
With this Certificate Program, you will receive a tax credit for 20 percent of the annual interest you pay on the mortgage loan. The amount of the credit will not be more than your annual federal income tax liability after all other credits and deductions have been taken into account. Your ability to take full advantage of the tax credit will depend on your individual tax liability.
Sacramento Housing and Redevlopment Agency also is offering a Credit Certificate Program for real estate owned (REO) homes in areas within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the County of Sacramento.
You may obtain a mortgage credit certificate by contacting Beth Gewerth of Mason-McDuffie Mortgage at (916) 730-2499 or send email to bgewerth@mmcdcorp.com. For more information regarding other first-time home buyer programs, make sure to give Beth a call!
First-time home buyers, NOW is the time to buy. With historically low interest rates, very affordable home prices, federal tax credit of $8,000 and now funds available from SHRA once again, you cannot afford to wait.
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Lori Mode & Bruce Durham, Keller Williams Realty in Elk Grove, CA
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