Has your lender offered you a yearly tax credit up to $2,000?

By
Mortgage and Lending with The Union Bank Co. NMLS 461421

With the expiration of the $8000 First Time Home Buyer Tax Credit and the depletion of the funds from Welcome Home Grant of $5,000 you may feel that you have missed all of the free money. 

There's still free money and it can add up to tens of thousands of dollars.  The program is called the Mortgage Credit Certificate program and it allows for a yearly tax credit of up to $2,000 for as long as you have a mortgage.  With a 30 yr FHA loan at today's rate of 4.5% the credit over the 30 yr term would be just over $32,900.  So you can not only get an unbelievable low rate but get tax credit of over 10% of the original purchase price of the property.

 

In Ohio this program is available to:

 •·         1st time homebuyers

•·         Homebuyers who have not had ownership in a primary residence over the last 3 years

•·         All homebuyers in a "Target Area"

•·         Veterans

 

There are income and property limitations for this program (please contact me for full details)

Currently there are 3 credit options

 •·         For a single family home the credit is 20% of the yearly mortgage interest paid

•·         For a single family home in a target area the credit is 25% of the yearly mortgage interest paid

•·         For a single family REO/bank owned property the credit is 30% of the yearly mortgage interest paid

I offer this program to all 1st time homebuyers in Ohio so let's talk to see if you qualify. 

Funds were just allocated to all 3 credit options so don't delay in getting your cash reserved. 

                                 

Main contact #  614-571-3554   or  find out more at Brent@6145713554.com                

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Rainmaker
274,342
Ron Tarvin
Residential, Investment properties, rehab projects, property management, luxury homes, new construction! - Katy, TX
Broker, Katy, Houston, Cypress 77450,77494,77095

Just learned about this the other day Brent.  Had not heard of it, but my lender got my attention to be sure!

Jun 22, 2010 10:46 AM #1
Rainmaker
20,777
Karen Turney
Homesmart - Phoenix, AZ
Phoenix Real Estate

I would like to know more about this, for Arizona.  Is the information available on HUD?  Thanks for the post, great topic to investigate.

Jun 22, 2010 11:19 AM #2
Rainmaker
86,633
Brent Diebert
The Union Bank Co. - Worthington, OH
A Community Lender, Where Family’s Come First

Karen,

 It appears that AZ has discontinued the program as of May 17th 2010.  http://www.azhousing.gov/ShowPage.aspx?ID=316&CID=18

Each state Housing Finance Agency should have a notification option for program updates. 

Jun 23, 2010 04:07 AM #3
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Rainmaker
86,633

Brent Diebert

A Community Lender, Where Family’s Come First
Non-Conforming Condo Financing Specialist!!
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