First Time Home buyers are eligible to apply for downpayment and closing cost assistance loans of $8,500, depending on household size and income.

Downpayment & Closing Cost Assistance 2nd Mortgage Loan Terms

• 0% interest deferred
• No monthly payments
• Borrowers must contribute a minimum of $1,000 towards the purchase of their home.
• Loan is repaid when the primary mortgage is paid off upon sale of the home, refinancing or the primary loan is paid in full.

The loan can always be pre-paid in full or in part at any time

Mortgage Credit Certificate (MCC)

In addition to the low-interest first mortgage financing available through the First Time Home buyer Program, home buyers can take advantage of Give Yourself Credit! a mortgage certificate program that provides a federal income tax credit.

First-time home buyers may be eligible for a Mortgage Credit Certificate. The Mortgage Credit Certificate benefits can provide thousands of dollars in savings on interest over the life of a homeowners’ mortgage.

A Mortgage Credit Certificate (MCC) is a certificate provided by the IRS that allows home buyers to take 30% of their first mortgage interest, up to $2,000 each year, as a credit against what is owed on their Federal income taxes. This is a special program provided by the IRS that is not available to all homeowners.