Monday, February 16, 2009
Home At Last Housing Loan Program
ELIGIBILITY:
First time home Buyer:
A person who has not owned a house in the last 3 years is considered to be a first time home buyer.
Qualified Veteran:
Washoe County Income limits are:
Family of 2 or fewer: $83,400
Family of 3 or more: $97,300
Cities or towns less than 100,00 in population
BENEFECTS:
Mortgage Credit Certificate (MCC)
Is a tax credit that will reduce the federal income of qualified buyers.
Has the effect of reducing mortgage payments.
PROGRAM IMPACT:
Interest Rate 6% MCC Savings 1.8% Net Cost 4.2%
Monthly payments on $100,000 loan = $600.00 less monthly saving of $150 equals net cost of $450.00
This is just one of the benefits of this program. Lending rates will vary from buyer to buyer.
