Great news for First-time Home Buyers!
Mortgage Credit Certificate Program
The Best First-Time Homebuyer Program —
What it is and How it works:
The Mortgage Credit Certificate Program provides housing assistance to families of
low and moderate income. The Mortgage Credit Certificate (MCC) reduces the
amount of federal income tax you pay, giving you more available income to qualify
for a mortgage loan and assist you with your mortgage payments.
QUESTIONS & ANSWERS
How does a MCC reduce taxes?
For a homeowner with a MCC, the tax
benefit is even better than the normal
interest tax deduction: 20% of your
annual mortgage interest will be a direct
federal tax credit, resulting in a dollar-
for-dollar reduction of your annual
federal income tax liability. The remaining
80% of your annual mortgage interest will
continue to qualify as an itemized tax
How long does the Mortgage Credit
The MCC will remain in effect for the life
of your mortgage loan, so long as the
home remains your principal residence.
What mortgages are available with
There are many options, including
conventional Fixed and Adjustable Rate
loans, FHA and VA loans.
What do I need to qualify for an MCC?
There are four main requirements:
1. The home you buy must be used as
your principal residence. If occupancy
status changes, you will no longer be
entitled to claim the mortgage credit.
2. You cannot have had an ownership
interest in a principal residence at any
time in the last three years.
3. The mortgage loan must be a new
loan. You cannot be issued a MCC for
the assumption, refinancing of an
existing mortgage loan. (Exceptions
may apply if you have a construction,
bridge or similar short term loan.)
4. Income and Property Price Limitations
apply based on location of the subject
property and family size. (See tables
Families of less than 3
Families of 3 or more
Purchase Price Limits
Newly Constructed or Existing Residences
To search for homes through Oahu's
Multiple Listing Service (MLS)
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For Environmental Hazard information regarding a property,
What's near your property?
Before purchasing, you need to know!
Hawaii Flood Hazard Tool:
Flood Zone Designation Information:
Together, let's make your Dream of owning your own home.....a Reality!
Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.
When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step, to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details, and moving.
Please contact me if you have any questions about buying a home on Oahu. I look forward to working with you!
Below, select desired reports and complete the form provided.
The island of Mokolii, more commonly known as The Chinaman's Hat, on Oahu's Windward Side.
You are in the midst
of a buyers' market,
there hasn't been a
better time to buy in
Mortgage rates are an all time low, sellers are motivated, owning a home is a great investment in your future,
and can lead to many,
many years of happy memories.
Home Ownership is an Investment in Your Future
Home ownership is how many American families begin to accumulate wealth. Using the latest figures from the Federal Reserve Board's Survey of Consumer Finances, NAR estimates that as of 2008, a typical homeowner's net worth is 49 times that of a renter's. (Median net worth of $205,500 for owners versus $4,200 for renters.)
For more information on homebuying, find the NAR Guide to Homebuying at www.Realtor.org/Store.