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Home Buyer Grant Programs & Tax Incentives Websites Please check the websites for updates on any changes or continued funds available for the tax incentives and programs.
$8,000 Tax Credit for purchases, national Qualified first-time home buyers who purchase a primary residence before December 1, 2009 can obtain a tax credit on their income tax return up to $8,000. The law defines a first-time buyer as a buyer who has not owned a home in the three year period prior to the purchase. For married couples, the homeownership history of both of the home buyers is considered. Income limits apply. www.federalhousingtaxcredit.com Private Mortgage Insurance tax write off Qualified homeowners can take a tax deduction on the mortgage insurance they pay to insure their lender against a future default. The deduction covers mortgage insurance provided by the Veterans Administration, the Federal Housing Administration, the Rural Housing Administration and private mortgage insurers. The law extended the deduction for homes that close by January 1, 2011. An insurance industry trade group estimates the deduction would save a typical homeowner $350 in taxes.
http://turbotax.intuit.com/support/kb/tax-content/tax-news/5678.html City of Chicago Tax Smart Mortgage Credit Certificate Program The program offers a tax savings to a first time Homebuyer or to a purchaser of a home located in a “target” area by providing a credit against the Homebuyer’s federal income tax. The amount of the credit is limited to 20% of the interest paid or accrued on the home loan. The credit can be claimed each year that the Homebuyer holds the mortgage loan and uses the home as their primary residence. The Homebuyer can apply for the mortgage certificate in conjunction with a TaxSmart mortgage loan from a participating lender. The Homebuyer will be charged a $375 application fee. Eligible Housing, residential properties one to four units. Household Eligibility Requirements apply for targeted and non targeted areas. A participating lender can submit a Conditional Approval Letter for the buyer at least 2 weeks before the loan closing.
City Of Chicago Tax Smart
Reach Illinois- Employer-assisted housing programs help employees find and finance housing closer to work. Regional Employer-Assisted Collaboration for Housing (REACH), partners, are a network of nonprofit housing experts who administer the programs. Employer-assisted housing programs differ from company to company. www.reachillinois.org Cook County Down Payment Assistance Program The Down Payment Assistance program awards a five year forgivable second mortgage for down payment and closing costs expenses. This loan is offered to Fannie Mae, FHA, and Non-Conforming Conventional lenders. The qualified home buyer may receive assistance of $10,000 or 6 percent of the purchase price, of the home, whichever is greater. http://cookcountygov.com/Agencies/pad/cc_pad_addi_brochure.pdf Women’s Council of the National Association of Real Estate Brokers, Inc. Offers a grant up to $1,500 for first-time homebuyer or a single parent. Buyers could not have owned a home within last three years. Buyers must obtain financing from the organizations pool of lenders with approved Fannie Mae Desktop underwriting capabilities. Buyers must live in the property for a minimum of three years from the date of purchase. Existing Housing or New Housing, Condos, Single Family Detached or Town Homes. Buyers must complete an 8 hour home buyer education course offered by one of the NAREB’s Certified Housing Counselors.
www.nareb.com Bethel New Life Smart Savers Individual Development Individual Development Account is a matched savings account that enables low-income home buyers down payment assistance up to $6,000 for a purchase in Cook County. The program is designed as a matched savings program and takes a minimum of six months to complete. Income eligibility of up to 200% of the poverty level. First-time home buyer classes begin in July. Can also contact a participating lender/loan officer at Bank of America.
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