First Time Home Buyers Program 

Hey, good morning everybody, Shane here again  from Century 21 and it is a little after 8:15 but with some technical difficulties we are back and going here again, so Monday morning.

Monday morning mortgage tip and this morning as you can see I'm here with Justin from Fairway Independent Mortgage so we'll let him chat a little bit about today's tip and just remember guys if you have any questions for us, any information you'd like to hear about please comment in the comments, get ahold of Justin or myself and we would be happy to answer them right here on our next episode. So Justin I'll let you take it away. -

Thank you Shane and before I get into the topic today I just real quickly wanted to congratulate you for a successful Icing Out Cancer event. If I remmeber right from the game this Saturday it was right around $10,000 that was raised - It was, yes. - so congratulations on that. - Thank you. - That's great to see.

Today I just wanted to spend a little bit of time talking about the first time home buyers program. I believe in one of the first ones that I did we touched base on a little bit but over the last two weeks I've received just a ton of calls from first time home buyers wondering what the ins and outs of the program consist of and all that good stuff, so just wanted to touch base on that real quickly. The first time home buyers program, The South Good Housing Authority that puts that on has a lot of great aspects to it, everything from the interest rates to there's even some aspects to the program that offers some down payment and closing cost assistance if you don't have a ton of money going into the transaction there's some options you can look at with that.

There's also some tax benefits with the MCC tax credit that you can see going forward after your loans closed in the years to come while you still own that house. One aspect that question that's come up a couple times in the last couple weeks is on investment properties and unfortunately if you're looking to buy an investment property or rental property the first time home buyers program would not be an option for you. It's really a program that is meant to help with owner occupied properties and buying your first home to live in so they don't allow you to use investment properties with that but there's a couple of different aspects to it, the other thing I'll touch on real quickly is there are some income limits so if you make too much money, even if you've never bought a house before, sometimes you don't qualify for that loan and those income limits are county specific so depending on if you live in Kingsbury County it's gonna be different than in Brookings County so on and so forth.

The last thing I'll mention is you wanna make sure that you're working with a lender. If you are a first time home buyer you wanna make sure you're workin' with a lender that offers that first time home buyer program to be able to really take advantage of that so make sure that if you're in that market that you're working with a lender that does have that first time home buyers program. -

Perfect, a lot of great information again. We've both getting some questions on that... the investment properties so we wanted to make sure that we mention that here today too, so thanks for touching on that. Thanks again everybody for watching. Remember I'll have all of Justin's information either on the bottom, sides, up top, wherever you'll happen to see it on your device. Feel free to reach out to him anytime, he'll be happy to answer any questions for you. Until next Monday guys, we'll talk to you later. Have a great week. - Thanks guys.

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