Mortgage Credit Certificate Program - KPLC 7 News, Lake Charles, Louisiana

Mortgage Credit Certificate Program

Posted: Updated:
Mike Fraser/Lender; Carrie W./Home buyer; Tim Castle/Chairman, Calcasieu Parish Public Trust Authority. Mike Fraser/Lender; Carrie W./Home buyer; Tim Castle/Chairman, Calcasieu Parish Public Trust Authority.
  • More Local NewsLocalMore>>

  • Palermo in court fighting criminal charges & seizures

    Palermo in court fighting criminal charges & seizures

    Thursday, August 21 2014 8:17 PM EDT2014-08-22 00:17:11 GMT
    There's a hotly contested court battle underway between Sulphur businessman Joe Palermo and the state. And it now, partly deals with an investigation that has yet to result in criminal charges.Palermo was due on court motions fighting pending criminal charges against him, including forgery and possession of stolen things. But first off the defense filed a motion asking to secure and examine items seized yesterday, including Palermo's computer. Palermo attorney Karl says the seizure of compute...More >>
    There's a hotly contested court battle underway between Sulphur businessman Joe Palermo and the state. And it now, partly deals with an investigation that has yet to result in criminal charges.Palermo was due on court motions fighting pending criminal charges against him, including forgery and possession of stolen things. But first off the defense filed a motion asking to secure and examine items seized yesterday, including Palermo's computer. Palermo attorney Karl says the seizure of compute...More >>
  • Flushable wipes causing havoc for sewer systems in Lake Charles

    Flushable wipes causing havoc for sewer systems in Lake Charles

    Thursday, August 21 2014 7:49 PM EDT2014-08-21 23:49:13 GMT
    What we flush matters. The infrastructure in Lake Charles goes back 50 years in many places. Wastewater administrators said an old system was not built for many items we flush today, like flushable wipes.More >>
    What we flush matters. The infrastructure in Lake Charles goes back 50 years in many places. Wastewater administrators said an old system was not built for many items we flush today, like flushable wipes.
    More >>
  • Allen Parish 911 system operating following lightning strike

    Allen Parish 911 system operating following lightning strike

    Thursday, August 21 2014 6:34 PM EDT2014-08-21 22:34:13 GMT
    The Allen Parish Sheriff's Office communication system took a lightning strike on Thursday afternoon leading to a loss of phone communications, according to Chief Deputy Ricky Johnson.More >>
    The Allen Parish Sheriff's Office communication system took a lightning strike on Thursday afternoon leading to a loss of phone communications, according to Chief Deputy Ricky Johnson.More >>
LAKE CHARLES, LA (KPLC) -

UPDATE: The State Bond Commission has approved to allocate $20 million dollars for the Mortgage Credit Certificate Program.

__________________________________

Just in time for income tax refunds, there is some help for first-time home buyers.

The Calcasieu Parish Public Trust Authority offers the Mortgage Credit Certificate Program (MCC) in five parishes in Southwest Louisiana (Allen, Beauregard, Calcasieu, Cameron and Jeff Davis).

The program would give you 30% of your mortgage interest back.  The MCC's income tax credit will help you qualify with your lender by increasing your monthly income bottom line. 

 Mike Fraser is the owner and broker at Progressive Mortgage & Associates, LLC. Fraser has helped a lot of first time home buyers achieve their home owning dream by offering up the Mortgage Credit Certificate program. He cautions that the program is not a loan but rather a loan enhancement. You must qualify for a traditional loan albeit FHA, VA, etc… before you can qualify to be part of the Mortgage Credit Certificate.

The total cost of the program is $150. This fee is good for the life of the loan and is also transferable.

For further illustration, we can use an example of getting a loan of $100,000. If you were to get a loan with 6% interest, that means you paid $6,000 in mortgage interest. With the Mortgage Credit Certificate program, you would get 30% back.

That 30% would total $1800 in an IRS refund to you – money you are free to do whatever you want with. However, if you would like to factor that $1800 into your monthly qualifying income, lenders will breakdown the $1800 over a course of 12 months equaling $150/month. So, if your monthly income is typically $3000, lenders will lend you according to $3150 of monthly income.

Carrie W., a first time home buyer who took advantage of the program thinks the program is so outstanding. She said she used her yearly refund to redo floors in her home.

When Calcasieu Parish Public Trust Authority Chairman Tim Castle was asked if he had plans for the Mortgage Credit Certificate program, he says "We'd like to see the completion of this program, we have about a million left so we need to get through that million. We are currently at the state bond commission asking for another allocation of 25 million dollars.

For further information, contact 337-304-0501 or contact the link we've provided.

Copyright 2011 KPLC. All rights reserved.

Powered by WorldNow