ST. JOHNS COUNTY
Own a Home Opportunity Grant Program
ELIGIBLE AREA – St. Johns county
ELIGIBILITY CRITERIA* –
OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE - Qualified buyers will receive a low rate 30-year fixed rate first mortgage from a participating lender. Eligible loan products include Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – There is no down payment assistance offered at this time. The borrower receives a lower than market rate first mortgage only.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
ELIGIBLE AREA – St. Johns county
ELIGIBILITY CRITERIA* –
- Buyers are NOT required to be first time buyers.
- Buyers and their spouses must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must qualify using the Own a Home Opportunity Grant requirements.
- Buyers must credit qualify for the Own a Home Opportunity Grant first mortgage.
OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE - Qualified buyers will receive a low rate 30-year fixed rate first mortgage from a participating lender. Eligible loan products include Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – There is no down payment assistance offered at this time. The borrower receives a lower than market rate first mortgage only.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
MAXIMUM INCOME LIMIT – Must include the income of the borrower only.
Freddie Mac HFA Advantage At or below 80% AMI:
All household sizes $74,480
Freddie Mac HFA Advantage over 80% AMI:
All household sizes $139,950
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf.
$536,906
Own a Home Opportunity Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC)!
The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a
borrower to take 25% of their annual mortgage interest as a tax credit ($2,000 maximum a year) while continuing to use the balance of the interest as a deduction. The MCC program tax credit maybe used as long as the property remains the borrower(s) principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be combined with the Own a Home Opportunity Grant first mortgage program, however the requirements are more strict.
FEDERAL INCOME TAX LIABILITY - In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form line 37. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
ELIGIBILITY CRITERIA* –
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
Non-Targeted Areas
1-2 person households $95,485
3 or more person households $109,807
Targeted Areas
1-2 person households $114,581
3 or more person households $133,678
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
Non-Target Areas $536,906
Targeted Areas $656,218
HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
Freddie Mac HFA Advantage At or below 80% AMI:
All household sizes $74,480
Freddie Mac HFA Advantage over 80% AMI:
All household sizes $139,950
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf.
$536,906
Own a Home Opportunity Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC)!
The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a
borrower to take 25% of their annual mortgage interest as a tax credit ($2,000 maximum a year) while continuing to use the balance of the interest as a deduction. The MCC program tax credit maybe used as long as the property remains the borrower(s) principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be combined with the Own a Home Opportunity Grant first mortgage program, however the requirements are more strict.
FEDERAL INCOME TAX LIABILITY - In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form line 37. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
Non-Targeted Areas
1-2 person households $95,485
3 or more person households $109,807
Targeted Areas
1-2 person households $114,581
3 or more person households $133,678
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
Non-Target Areas $536,906
Targeted Areas $656,218
HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
Haga clic aqui parável el folleto del programa, alista de prestamistas participantes y socios agentes inmobiliarios certificados en español.
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
Haga clic aqui parável el folleto del programa, alista de prestamistas participantes y socios agentes inmobiliarios certificados en español.