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.
Can you get some help from the government? Yep!
Find more details on the MCC program with the California Housing Finance Agency here. Or call me at 916-485-7939 for personalized answers.
