Mortgage Tax Credit Program Available To Help FirstTime Homebuyers In California

Dated: 03/09/2016

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 Mortgage Tax Credit Program Available to Help First-Time Homebuyers in California

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Buyers must purchase the home as their primary residence in California.  
The sales price must be under the limits in the County of purchase.
 
Buyers must make less than the maximum income limits set by the County.
 


Borrower Requirements

  • You must be a U.S. citizen, permanent resident or other qualified alien.

  • Be a first-time homebuyer, or not have owned a home in the past 3 years.

    • Exception to first-time homebuyer requirements:

      • Home is located in a federally designated targeted area

      • Qualified veterans pursuant to the Heroes Earning Assistance and Relief Tax Act of 2008

  • Buyers must make less than the maximum income limits set by the County.

  • You will need to live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.

Property Requirements

  • The sales price of the home must be less than the allowable sales price limits in the county in which you are purchasing a home.

  • There is a five acre maximum on the size of the property.

  • The home must be a single family residence (detached).

  • The home can be a detached unit within a planned unit development (PUD).

  • The home can be a condominium or attached unit in a PUD.

  • Property must meet the requirements of CalHFA , the Lender and the mortgage insurer/guarantor

  • Guest houses, granny units and in-law quarters may be eligible


Click here for more information http://unbouncepages.com/taxcredit-homefinder365/

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