Wednesday, February 25, 2009

Mortgage Credit Certificates MCCs

Went out to the board of realtors today for a class on MCC Programs. The village of Downers Grove is a home rule community and they have $1,634,506 available for an MCC program for first time home buyers in the village of Downers Grove corporate limits. What this is, is a federal income tax credit in an amount equal to 20% of the interest paid on the mortgage. This credit stays with you for up to 30 years if you stay in the home. It can be used with an FHA mortgage with 3 1/2% down, a VA loan with 100% financing or a conventional FNMA/FHMC product.

Call me to learn more about this. There is also money called the I-Loan Certificate Program that is Statewide MCC Program. There are income limits and other criteria but they do offer wonderful incentives to buyers who qualify.

Add to that the American Recovery and Reinvestment Act that is an $8,000 tax credit for first home buyers and it looks to be a good year to get into a home.

Linda Hanley Kelly, Charles Rutenberg Realty, 708-334-5356

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