Heidi Lawler

Hard to believe but true. There is a program for First Time Home Buyers that gives a monthly credit towards the mortgage payment.

The San Diego County MCC program.

An MCC provides a double bonus. It increases the loan amount you qualify for and it increases your take-home pay. The MCC entitles you to take a federal income tax credit of twenty percent (20%) of the annual interest you pay on your home mortgage.

Because the MCC reduces your federal income taxes and increases your net earnings, it is a great help in qualifying for your first home mortgage. But it doesn’t stop there. The MCC is registered with the IRS, and it continues to decrease your federal income taxes each year for as long as you live in your home.

How to Qualify
1) Your household income and the purchase price must not exceed the limits shown below.
2) You must not have owned a principal residence in the last three years.
3) You must occupy the home.
4) You must apply for the MCC through a participating Lender, and pay a non-refundable
MCC application fee of .002 X the loan amount (1st and 2n d if applicable)

5) You must purchase a single-family detached home, condominium, townhouse, or duplex within the program boundaries.

Max. Income Limit:

Non-Targeted Targeted
1 or 2 persons: $80,028 $96,033
3 + persons: $93,366 $112,039

Max. Purchase Price:
Resale: $546,318 $667,722
New: $482,920 $590,246
Duplex $567,160
Duplex must be at least 5 years old.

Contact me at www.Affinity-Financial.com to get pre-qualified.

You may qualify for down payment assistance if you are a First Time Home Buyer and your income does not exceed the following limits:

1- $44,250 5- $68,250

2- $50,550 6- $73,300

3- $56,900 7- $78,350

4- $63,200 8- $83,400

Example: Family of 4 purchases a Condo for $350,000 and receives $55,500 in down payment assistance.

Purchase Price: $350,000 Effective monthly payment

DCCA loan: $ 45,000 P&I $1634.00

Chdap $ 10,500 Taxes $ 364.58

Borrower's funds: $ 15,000 Hoa $ 277.00

MCC $ -268.33

Loan information is based on a 30 year fixed rate of 5.75% apr. 5.762%

Want to get pre-approved? Apply now

Short-Refinance

A Short-Refinance, also known as a short-refi or short-payoff, is a transaction, where the lender agrees to accept less than the full amount owed. Instead of the property being sold, it is refinanced with a new lender. The short-refi allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy. If you want to keep your home, but don't have enough equity to get into a foreclosure bailout loan, a short-refi is your answer. By negotiating a short-refi with your current lender, you can obtain a payoff of less than the full amount owed, getting your loan balance down to where you can refinance your home with a new lender.

You may contact me at www.affinity-financial.com for more information.