Mortgage KB

This program is provided by some states, counties and localities. The aim of this assistance program is to help citizens buy a home. This is especially for first time buyers and low to moderate income groups.

The benefits of this state sponsored program:

• Provides low interest rates
• Low down payment
• Provides closing cost assistance
• Low upfront fees
• Lenient with qualification terms

If allowed in the form of MCC (Mortgage Credit Certificate), it would help you secure tax reductions. It only provides fixed rates but low rates .It increases borrower’s purchasing power and reduces hid monthly loan payments. The loans are provided by local municipal funds and the formalities are carried out by their agencies. But they are never direct lenders except in very rare circumstances. Some of them are grants and need not repay, while most require repayment but at rates lower than the rest.

In spite of these pluses, there are few specifics one needs to bear in mind before availing of these programs.

• There are maximum household income limitations
• You would have to pay tax penalties if the sale of the house is profitable and early.
• The buyer of the house may require to fulfill the assistance program terms as well

Thus these must be borne in mind while taking up a loan program in this connection.

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