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DUVAL COUNTY
Jacksonville Housing Finance Authority
Home Sweet Home Program
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Duval County
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $7,500. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME CRITERIA - Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
FHA, USDA-RD and VA Loans:
1 - 2 person household $78,865
3 or more person household $90,694
MAXIMUM SALES PRICE - This must include everything paid by the buyer or on the buyer's behalf.
$225,000
Jacksonville Housing Finance Authority
Home Sweet Home Program
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Duval County
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $7,500. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME CRITERIA - Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
FHA, USDA-RD and VA Loans:
1 - 2 person household $78,865
3 or more person household $90,694
MAXIMUM SALES PRICE - This must include everything paid by the buyer or on the buyer's behalf.
$225,000
HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 660 or higher.
(to be used as a supplemental with the programs listed above)
Jacksonville Housing Finance Authority County Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by the Jacksonville Housing Finance Authority.
The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 50% of their annual mortgage interest as a tax credit (maximum $2,000) while continuing to use the balance of the interest as a deduction. The MCC Program tax credit is up to $2,000 EVERY YEAR FOR THE LIFE OF THE LOAN as long as the property remains the borrower’s principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or. 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with one of the first mortgage programs listed above that offer down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage.
To see if you qualify please contact a participating lender.
FEDERAL INCOME TAX LIABILITY - In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form. On 1040A line 39, on the 1040EZ line 12 and on the 1040 line 63. The number indicated on that line is your tax liability. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
********************************************************
WHAT'S THE NEXT STEP?
If you think you qualify for any of the programs listed based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
SPANISH FLYER - CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 660 or higher.
(to be used as a supplemental with the programs listed above)
Jacksonville Housing Finance Authority County Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by the Jacksonville Housing Finance Authority.
The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 50% of their annual mortgage interest as a tax credit (maximum $2,000) while continuing to use the balance of the interest as a deduction. The MCC Program tax credit is up to $2,000 EVERY YEAR FOR THE LIFE OF THE LOAN as long as the property remains the borrower’s principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or. 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with one of the first mortgage programs listed above that offer down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage.
To see if you qualify please contact a participating lender.
FEDERAL INCOME TAX LIABILITY - In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don't have liability. To determine your tax liability look at your IRS 1040 form. On 1040A line 39, on the 1040EZ line 12 and on the 1040 line 63. The number indicated on that line is your tax liability. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
********************************************************
WHAT'S THE NEXT STEP?
If you think you qualify for any of the programs listed based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
SPANISH FLYER - CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS