First time home buyer programs Minnesota offer people some very good deals. One program in particular is known as the Minnesota Housing Mortgage Credit Certificate, or “MCC” program.
MCC is one of the best first time home buyer programs Minnesota because it allows first time home buyers to claim 35% of their mortgage interest as a federal income tax credit each year. Many people take advantage of this program because it can reduce their federal income tax liability and save them up to $2,000 per year. The MCC program also involves low-interest mortgage options and access to loans for help with making a down payment and/or closing costs. The goal of MCC is to help Minnesotans afford housing.
In addition, MCC is one of the popular first time home buyer programs Minnesota because of several worthwhile options. For instance, MCC offers a conventional product with no mortgage insurance, using only a 3% down payment. Or, for those who are looking for lower private mortgage insurance rates for conventional-insured loans, MCC can connect you with those, again at only 3% for the down payment. Meanwhile, MCC includes a FHA 203 (k) streamlined purchase/repair product option, in case you’re the type of person who likes “fixer-uppers” and doesn’t mind owning a first house that needs some work done to make it livable.
Are you wondering if you’re eligible for the benefits of the MCC program? Your income has to be at or below certain limits, and the home you’re looking to purchase has to be under the $298,125 acquisition cost limit for the Twin Cities’ 11-county metro area. Please consult your tax adviser with additional questions
Designed to help people with the biggest purchase of their lives, first time home buyer programs Minnesota help financially jumpstart the purchase process. To find out what options are available to you, specifically, please call Lake Area Mortgage at 651-209-2900 or email infoLAM@lakeareamtg.com.