Harris County, Texas (PRWEB) March 27, 2014
Whatever the reason ‒ moving to a better school district or closer to a new job ‒ for many individuals home ownership is a near-term goal. This year, they are looking to buy and now have an increased incentive from the Harris County Housing Finance Corporation (HFC). The Harris County Housing Finance Corporation recently announced an increase in the amount first-time buyers can save using its mortgage tax credit or Mortgage Credit Certificate (MCC) Program, to 50 percent. That enables those qualified buyers to receive an annual, dollar-for-dollar mortgage interest tax credit amounting to half the interest paid on the loan, up to $2,000 each year.
“This increase can be the lifeline first-time buyers who are looking for a home this year. The MCC amounts to about $167 a month savings per borrower or approximately an additional $2,000 tax refund. This is a proven method of saving money," said Steven Harris, Program Manager for the Harris County HFC MCC. “The program can result in a savings of $30,000-$40,000 over the life of the loan because the credit lasts as long as the buyer occupies the residence and pays on the mortgage.”
In addition to the Mortgage Credit Certificate Program, Harris County HFC also provides a down payment assistance grant program called 5-Star, with up to 5 points of down payment and closing cost assistance. programs can be used jointly to encourage homeownership.
Harris County HFC is a successful non-profit agency responsible for adding more than $1.8 billion to the county economy with housing and economic development programs, including new facilities and impacting thousands of new home buyers. Alone, Mortgage Credit Certificates have made it possible for more than 3,000 families to purchase single in the area. In fact, Harris County HFC has offered more than $300 million for home loans using the MCC since 2004.
The MCC program is open to individuals and families who
To obtain an MCC, buyers should:
Reporters & Editors: See attachment