The Housing Finance Authority of Palm Beach County (HFA) mortgage credit certificate program can help reduce home-loan financing costs for qualified first-time homebuyers of new or existing homes in Palm Beach County.
This program entitles qualified new homeowners to a dollar-for-dollar federal income tax credit of up to 50 percent of mortgage interest paid each year, not to exceed $2,000 annually, for the life of the mortgage loan, as long as the home remains their principal residence.
This federal income tax savings can increase a homebuyer’s take-home income, allowing them to qualify for a higher loan amount or reduce the annual cost of home ownership through the tax savings.
A loan officer at one of the participating lending institutions can prequalify a homebuyer for a 15- or 30-year fixed-rate mortgage loan and determine if or to what extent the Mortgage Saver Program can provide a benefit.
To date, approximately 50 first-time homebuyers in Palm Beach County have received a mortgage credit certificate with financing of their home purchase provided through a participating lender.
The maximum income limits for qualified homebuyers are $86,760 for one- and two-person households and $101,220 for households of three or more persons. The maximum purchase price of the home cannot exceed $391,153.
For further information on the Mortgage Saver Program and a current list of participating lending institutions, please visit www.ehousing.cc/palmbeach10.htm.
Any lender signing a participation agreement with the HFA can become a participating lender. Lender documents are available at the same website above.
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