Down Payment Assistance, Tax Credit & Mortgage Credit Programs

[Upen Patel]

I would like to share with the BP community a few Down Payment Assistance (DPA), Tax Credit & Mortgage Credit (MCC) Programs that I can offer.

Bring me your clients, family, friends or yourself and look like a hero.

The following applies to ALL programs (unless stated differently under the program):

• Programs are available ONLY on purchase loans, NO Refi.
• Owner occupied properties only.
• Funds can be used towards down payment and closing cost
• Annual household income at or below 80%of the HUD median income of the county in which the property is located, adjusted for household size. Must calculate the annual income for each household member aged 18 years and older.
• Contribute a minimum of $1,000 from personal funds toward the purchase of the home.
• Complete a home buyer counseling program prior to receiving grant funds.
• Loan Types - Fannie, Freddie, FHA, VA, USDA
• Max DTI - 45%
• Property Type - 1 or 2 unit - Attached, Detached and Condo
• Min FICO - 660
• Min loan $100K

National Down Payment Assistance (DPA) program - Federal Home Loan Bank

• $5000 - No monthly payment required, forgiven over 5 yrs.

Illinois (IL) Housing Development Authority (IHDA)

1st Home Illinois

• $7500 - No monthly payment required, forgiven over 5 yrs.
• Limited to counties: Boone, Cooke, Dekalb, Fulton, Kane, Marion, McHenry, St. Clair, Will, Winnebago
• MCC not allowed
• First-time buyer (Has not owned a home in the past 3 years) - Waived if Veteran buyer

@HomeIllinois

• $5000 - Monthly payment of $41.67 is mandatory with this program
• Buyer contribution is $1,000 or 1 percent of the purchase price, whichever is greater

Maryland (MD) Down Payment Assistance Program

• The Maryland Mortgage Program features Down Payment Assistance (DPA), which is an additional loan available to anyone who is eligible for an MMP mortgage, and which helps borrowers put together a suitable down payment on their home. This loan, which can be up to $8,500 is a zero percent deferred loan, which means that you only ever pay back the principal (there’s no interest) after you complete all payments on the main MMP mortgage, or if you refinance, sell or otherwise vacate the home.
• Property Type - SFD/attached/townshouse/condo

Florida (FL) Mortgage Credit Certificate

• The Florida Housing Mortgage Credit Certificate (MCC) Program can help first time homebuyers save money each year that they live in their home. With the MCC Program the homeowner can claim up to 50 percent of their paid mortgage interest each year as a TAX CREDIT on their federal IRS tax return. The credit is capped at $2000 annually and any remaining mortgage interest not included as part of the TAX CREDIT is still eligible for the home mortgage interest deduction on their federal tax return. 
• Each year, a homeowner may claim a dollar-for-dollar reduction of income tax liability on 50 percent of the mortgage interest on their first mortgage, reducing the amount of federal taxes owed by as much as $2000. 

More programs are being on boarded and still more in the process.

• SETH - Southeast Texas Housing Finance Corp - Down Payment Assistance Program
• Travis County (Texas) Housing Finance Corp - Down Payment Assistance Program
• TSAHC - Texas State Affordable Housing Corporation - Down Payment Assistance Program
• TSAHC - Texas State Affordable Housing Corporation - Mortgage Credit Certificate
• Nevada Rural Housing Authority - Down Payment Assistance Program
• Ohio Housing Finance Agency - Mortgage Credit Certificate

National DPA program available in ALL 50 States: 

US State:	Abbreviation:
Alabama	AL
Alaska	AK
Arizona	AZ
Arkansas	AR
California	CA
Colorado	CO
Connecticut	CT
Delaware	DE
Florida	FL
Georgia	GA
Hawaii	HI
Idaho	ID
Illinois	IL
Indiana	IN
Iowa	IA
Kansas	KS
Kentucky	KY
Louisiana	LA
Maine	ME
Maryland	MD
Massachusetts	MA
Michigan	MI
Minnesota	MN
Mississippi	MS
Missouri	MO
Montana	MT
Nebraska	NE
Nevada	NV
New Hampshire	NH
New Jersey	NJ
New Mexico	NM
New York	NY
North Carolina	NC
North Dakota	ND
Ohio	OH
Oklahoma	OK
Oregon	OR
Pennsylvania	PA
Rhode Island	RI
South Carolina	SC
South Dakota	SD
Tennessee	TN
Texas	TX
Utah	UT
Vermont	VT
Virginia	VA
Washington	WA
West Virginia	WV
Wisconsin	WI
Wyoming	WY

New York, Newark, Jersey City, Los Angeles, Long Beach, Anaheim, Riverside, San Bernardino, Ontario, Chicago, Naperville, Washington, Baltimore, Arlington, Vienna, Fairfax, Prince William County, Prince Georges County, San Jose, San Francisco, Oakland, Boston, Worcester, Providence, Philadelphia, Dallas, Fort Worth, Miami, Fort Lauderdale, Port St. Lucie, Houston, Atlanta, Athens, Clarke County, Phoenix, Mesa, Scottsdale, Minneapolis, St. Paul, Seattle, Tacoma, Denver, Aurora, San Diego, Carlsbad, San Ramone, Portland, Vancouver, Salem, Orlando, Daytona Beach, St. Louis, St. Charles Farmington, Tampa-St., Petersburg-Clearwater, Columbia, Towson, Sacramento, Roseville, Charlotte, Concord

Upen Patel, Mortgage Banker

The Federal Savings Bank | 1604 Spring Hill Road, #330, Vienna, VA 22182

cell: (571) 331-5161

fax: (703) 454-0804

email: [email protected]

web: www.thefederalsavingsbank.com/upenpatel

Federal NMLS# 1374243

Not all borrowers qualify for all programs, must meet underwriting guidelines and are subject to credit review and approval. This does not constitute a commitment to lend. The information contained is subject to change without notice.