Rio Rancho Homebuyer Tax Credit

Did you know that there is a Rio Rancho Homebuyer Tax Credit program? It's similar to the Federal $8,000 First-time Homebuyer Tax Credit.

The program is actually called the Home Down Payment and Closing Cost Assistance Program and is a grant (no repayment), and is administered through the U.S. Department of Housing and Urban Development (HUD) in conjunction with the City of Rio Rancho.

Who is Eliglble?

• Anyone who has not owned a home in the last three years.
• Annual household income cannot exceed 80% of the Median Family Income for Rio Rancho-$33,300 for one person, $38,100 for two people, $42,850 for three people.
• The home must be within the city limits of Rio Rancho.
• The property can be a single family home, townhome, condo or new manufactured home on a permanent foundation.

How Much Money is Available?

• Up to $5,000
• Purchase price cannot exceed $271,050 (FHA loan limit)
• There is zero interest

Repayment

• There is no repayment unless you payoff, sell, lease or refinance within the first 5 years.

For more information and more exact details on the Rio Rancho Homebuyer Tax Credit visit http://www.ci.rio-rancho.nm.us/index.aspx?NID=1217

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If you are considering buying or selling a home in Rio Rancho, Albuquerque or Los Lunas, you need local expertise and advice provided by a successful full-time Albuquerque Realtor.

Rich Cederberg has been helping people buy and sell homes for five years and has the experience you need. Contact him today by calling (505) 400-5994.