Buying Your First Home in North Carolina?
Although the Federal Tax Credit expired in June 2010, for North Carolina residents, through the North Carolina Housing Finance Agency (NCHFA), there are still options for assistance to get you into a home of your own.
The Mortgage Credit Certificate (MCC) allows eligible Buyers to take a federal tax credit of 30% of the mortgage interest paid annually. It can save you up to $2,000 each year that you occupy your new home. Because the MCC is an immediate tax credit, you can change the withholding allowance on your W4 to reflect your decreased tax liability and increase your monthly take-home pay that can then be used towards your monthly payment.
You may qualify if you:
- Are a reasonable credit risk.
- Are a first time home buyer or have not owned a home for the last three years.
- Buy a home in North Carolina.
- Meet income limits and sales price limits for your new home.
- Other programs through the North Carolina Housing Finance Agency include low interest rates for first time buyers, low downpayments (from 0-3% of the sale price) and downpayment assistance programs.
Eric Sayer, an approved Lender for NCHFA, at Wells Fargo can walk you through the process of qualifying for these great programs. Wells Fargo also offers other programs to help first time buyers achieve home ownership through their Community Development Mortgage Program. Contact Eric Sayer at Wells Fargo for more information. (919) 601-3825
Contact Us today to arrange a no obligation consultation to discuss your unique situation and your home buying goals.