Well, not exactly, but CalHFA’s Mortgage Credit Certificate income increased yesterday to $57,840 for a Sacramento family of one or two people, and to $72,300 for families of three or more effective yesterday!
How is this under 3.25%? Well on a $200,000 loan at 4.5%, the government actually pays $150 of the mortgage payment via a tax credit! That’s the equivalent of lowering the interest rate by 1.3% to 3.2%! And FHA actually will use the lower housing expense to calculate qualifying ratios!
If you are a 1st time buyer who is under the income listed above or know one, call me and I can show you how you can use this program to buy a little bit bigger home, or just save a bunch of money.
Find more details on the MCC program with the California Housing Finance Agency here. Or call me at 916-485-7939 for personalized answers.