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The original item was published from 1/3/2013 9:19:12 AM to 1/3/2013 9:19:40 AM.

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Posted on: September 28, 2012

[ARCHIVED] Brazos County Housing Finance Corporation Offers First-Time Buyer Mortgage Assistance

New guidelines and down payment assistance has been added to the Mortgage Credit Certificate mortgage tax credit program for first-time buyers in the Brazos Valley - Brazos, Burleson, Grimes, Leon, Madison, Robertson and Washington Counties - who are considering homeownership and who can meet the requirements and qualify for a mortgage loan. We want to help as many first-time buyers as we can to achieve homeownership and become active members of our community.

  1. More than $5 Million is available through the Brazos County Housing Finance Corporation for this program.
  2. New: The addition of $1,000 down payment assistance.
  3. NEW: Buyers receive 50% of the their interest in the form of a direct, dollar-for-dollar income tax credit and it continues for the life of the loan. Over a 30-year period, the overall savings could range anywhere from $30,000 to $40,000 or more.
  4. This amounts to 50% of the mortgage interest returned as an income tax credit for the life of the loan, up to a maximum of $2,000 annually, in a dollar-for-dollar tax credit. This translates into savings of more than $150 each month or up to $2,000 in a tax refund for those who are eligible. The actual benefit depends on the size of the loan and mortgage rate established at closing.
Other down payment assistance that can be used with the MCC Program in the Brazos Valley is available for Bryan, College Station and the surrounding counties.
We hope you will use this program if you meet the eligibility requirements:
  1. You are a first-time homebuyer (Those who have not owned a home in the last three years.)
  2. Your maximum household income is $60,300 for families with one or two members, or $69,345 for families with three or more members.
  3. Purchase Price is below $250,200. Property is within the eligible counties.
For details and a list of particpating lenders, contact the MCC Hotline at 713-260-3553.

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