Help for First-Time Home Buyers

In case you missed it, there was an excellent article by Lisa Chiu in last Sunday’s Seattle Times detailing the WA State Mortgage Credit Certificate (MCC) Program for first-time home buyers. This program helps first-time home buyers get a chip in the game by giving them a federal tax credit of 20% of the interest expense from a new mortgage. For example, if the interest portion of the mortage payments on your new home are $12,000 the first year, your credit via the MCC program comes to $2,400, or $200/month directly off of the taxes taken out of your paycheck. There are some income limits on the program, which max out at about $105K/year for a small family in King County, (checkout the website for the full list) but the icing on the cake is that the credit is good for the life of the loan. The fee is just $495 and you can sign up for the program when you talk to potential lenders prior to closing on your offer. If you want to get started on your home search but want to talk to a lender about eligibility first, the program has a helpful list of lenders you can work with or you can drop our Redfin Direct team a line at support@redfin.com or a call at 877-973-3346. They’d be happy to help you get to the right person.

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