FORT BEND COUNTY HOUSING FINANCE CORPORATION ANNOUNCES A 2000 DOWN PAYMENT ASSISTANCE GRANT PROGRAM.

FORT BEND COUNTY HOUSING FINANCE CORPORATION ANNOUNCES A $2,000 DOWN PAYMENT ASSISTANCE GRANT PROGRAM.

“This is a great opportunity for Fort Bend County home buyers,” said Tom Shirley, President of the Fort Bend County Housing Finance Corporation.  “Homeownership is the dream of most Americans, and that dream is more attainable with the kind of affordable financing provided with the Down Payment Assistance Program utilized with the Mortgage Credit Certificate Program.”

In addition to receiving the $2,000 grant, the MCC Program provides applicants with a 35% tax credit on mortgage interest paid as long as they live in the home being purchased.  The credit is in addition to the standard deduction allowed on federal income taxes, increasing the financial benefit to participants.  The homebuyer can also take advantage of the $8,000 federal tax credit with these programs, until that credit expires the end of November 2009.

To qualify, for the DPA Program with the MCC Program, participation is restricted to household income of $76,560 for families of 2 or less and $89,320 for families of 3 or more purchasing a home within Fort Bend County, Texas.  Maximum home purchase price cannot exceed $316,177. To qualify for theses programs, homebuyers must sign up for the DPA and MCC during the mortgage application process through one of the participating lenders.

Participation in the Fort Bend County DPA Program and MCC Program is limited to a set time period but could end earlier if a predetermined level of transactions is received.  All funds are available on a first-come first-served basis.  For more information on the Fort Bend County Housing Finance Corporation’s DPA Program and MCC Program, interested borrowers should call the homebuyer helpline at 877-983-3792.

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