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

Mortgage Credit Certificate Program

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.
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.

  • More Local NewsNewsMore>>

  • Terry Miles extradited from Colorado to Texas

    Terry Miles extradited from Colorado to Texas

    Thursday, January 18 2018 6:27 PM EST2018-01-18 23:27:24 GMT
    Terry Miles (Source: CNN)Terry Miles (Source: CNN)

    A man with Sulphur ties who is accused of kidnapping two girls and bringing them with him to Colorado has been returned to Texas. Terrence "Terry" Allen Miles, 44, became the subject of a nationwide manhunt after his roommate, Tonya Bates, 44, was found dead in Round Rock, Texas, and her two daughters missing. Authorities quickly focused on Miles, who has a long criminal history in Southwest Louisiana, and an Amber Alert was issued. Bates was found dead on Dec. 21, 20...

    More >>

    A man with Sulphur ties who is accused of kidnapping two girls and bringing them with him to Colorado has been returned to Texas. Terrence "Terry" Allen Miles, 44, became the subject of a nationwide manhunt after his roommate, Tonya Bates, 44, was found dead in Round Rock, Texas, and her two daughters missing. Authorities quickly focused on Miles, who has a long criminal history in Southwest Louisiana, and an Amber Alert was issued. Bates was found dead on Dec. 21, 20...

    More >>
  • Food for Seniors will not distribute this week in Calcasieu, Beauregard

    Food for Seniors will not distribute this week in Calcasieu, Beauregard

    Thursday, January 18 2018 6:26 PM EST2018-01-18 23:26:44 GMT
    (Source: Pablo)(Source: Pablo)
    The Food for Seniors program in Beauregard and Calcasieu will not be available this week. Tom Hoefer, with the Calcasieu Parish Police Jury, said that delivery trucks were unable to deliver meals from Baton Rouge due to the cold weather. He said a new distribution date for Calcasieu will be announced when the program is able to resume. Copyright 2018 KPLC. All rights reserved.More >>
    The Food for Seniors program in Beauregard and Calcasieu will not be available this week. Tom Hoefer, with the Calcasieu Parish Police Jury, said that delivery trucks were unable to deliver meals from Baton Rouge due to the cold weather. He said a new distribution date for Calcasieu will be announced when the program is able to resume. Copyright 2018 KPLC. All rights reserved.More >>
  • Changes coming to hunting, fishing license sales in Louisiana

    Changes coming to hunting, fishing license sales in Louisiana

    Thursday, January 18 2018 5:27 PM EST2018-01-18 22:27:44 GMT

    The way Louisiana's recreational hunters and fishermen get their licenses is changing.  According to a news release, The Louisiana Department of Wildlife & Fisheries says it's currently transitioning to a new recreational hunting/fishing license sales system. To minimize impact to those who will be purchasing licenses in next few months, please see below. If you will need to purchase a license from a retailer before April 2, it's recommend that you make your purchase b...

    More >>

    The way Louisiana's recreational hunters and fishermen get their licenses is changing.  According to a news release, The Louisiana Department of Wildlife & Fisheries says it's currently transitioning to a new recreational hunting/fishing license sales system. To minimize impact to those who will be purchasing licenses in next few months, please see below. If you will need to purchase a license from a retailer before April 2, it's recommend that you make your purchase b...

    More >>
Powered by Frankly