Homebuyer Assistance Programs

Below are assitance programs designed to help homebuyers qualify for a home purchase. Please review this information and give us a call to discuss how these programs can help you.

Down Payment Assistance

These programs provide cash-strapped homebuyers with funds to cover down payment and closing costs so that they may qualify for a home purchase. The assistance typically is offered as a grant or forgivable second lien that requires no monthly payments. If the homebuyer lives in the home for a specified length of time, the homebuyer does not have to repay the second lien.

These programs are available only for the purchase of a primary residence. Most target low-to-moderate income homebuyers with limits on family income. Programs are available for both first-time homebuyers and those who've owned a home before.

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Mortgage Interest Tax Credit

This program reduces your federal income tax obligation by providing a tax credit for the interest you pay on your mortgage. Unlike a tax deduction, a tax credit is a dollar-for-dollar reduction against your income tax liability. The tax credit is a percentage of the annual interest paid on your mortgage.

These programs are available only for the purchase of a primary residence, and you must be a first time homebuyer (not owned a home in the last 3 years) to qualify. The programs typically have income and purchase price limits.

All mortgage types are eligible, but be aware that not all lenders participate in these programs. Eligible properties include single family homes, townhomes, condominiums, and, in some cases, manufactured homes.

You must continuously live in your home for ten years to receive the full benefit of the credit. If you sell the home before that time, you may be required to pay back a portion of the credit.

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