The MHDC (Missouri Housing Development Commission) has announced a new program to work in conjunction with the Federal First Time Home buyer Tax Credit program. This is exciting news for buyers that want to buy a home and qualify to buy a home but do not have the required 3% down payment and the closing costs.
MHDC is offering a tax credit advance - in a nut shell, MHDC will lend a first time home buyer up to 6% of the purchase price (up to $6,750) to assist with the down payment and the closing costs associated with the loan. This money will then be paid back to MHDC when you, the first time home buyer, file your income tax, receiving the federal income tax credit for the purchase.
This tax credit advance will be offered along side MHDC loans - which are 30 year fixed rate mortgages.
This is awesome news! First time home buyers, with good credit, but with little to no cash now have an option!
There are a few key points to remember if you feel this program is for you:
1. You must contact a certified lender. MHDC has a list of qualifying lenders on their website: List of Certified Lenders
2. You must not have owned a home or interest in your primary residence in the last three years.
3. You must meet a required minimum credit score.
4. You cannot exceed a household income level of $85,500 per year
5. You must stay within the purchase price limits.
Before contacting a certified lender, be sure to do a little home work first.
Be prepared to:
1. Provide the name, address and telephone number of your employer (yes, you must have a job!)
2. Have a list of your debts, including your credit cards.
3. Make available copies of your last three years of tax returns.
4. Have handy your most recent 3 - 4 pay stubs.
I have worked with many great certified lenders in South central Missouri and of course, we have many great properties that will work with MHDC loans. This is an awesome opportunity to Find Your Freedom in Missouri and own a home of your own!
For more details on this program, please visit the MHDC website.
For more details on homes in Laclede, Webster, Wright and Dallas Counties in Missouri, please visit my website, Find Your Freedom Missouri.
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Contact Debbie DiFonzo, Broker, United Country VIP Realty to sell your property or to buy property in Lebanon, Conway, Marshfield, Buffalo, Bennett Springs and the surrounding areas. I specialize in country homes, hunting land, river front property, dairy farms, large acreage and commercial property in Southwest Missouri. 417-532-2031 Lebanon MO office phone or email: missouriagent@msn.com Copyright © 2009 By Debbie DiFonzo, All Rights Reserved. MHDC Tax Credit Advance Loan Program for 1st Time Home Buyers in Missouri. Disclaimer: The information provided herein is obtained from multiple sources and is deemed accurate but not guaranteed. Information subject to change without notice.
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