AHFA has revised the sales prices limits for borrowers using a Mortgage Credit Certificate. The maximum home purchase price for a loan with a MCC is $255,573 (borrowers in a target area can buy a home costing as much as $312,361).
Mary Ann McGarry, CEO of Guild Mortgage Company, explains why the homeownership options available through housing finance agencies - like AHFA - continue to be smart investments for first-time homebuyers.
The number of completed foreclosures continues to fall nationwide and in Alabama. There has also been a significant drop in foreclosure inventory. As of November 2015, the national foreclosure rate stood at 1.1 percent, which is right in line with November 2007 levels, according to CoreLogic’s December 2015 National Foreclosure Report. These trends, among others, are having a positive effect on the housing market on a national level and in Alabama, where the inventory of foreclosed homes stood at 0.7 percent during December.
Alabama home sales totaling 3,577 units during February were an increase of 11 percent from the same month a year ago. Sales for the month continued to trend upward for the state, which bottomed out at 2,376 during February 2010.
For new homeowners, a house is an asset that can lower their tax liability. First-time homebuyers should be aware of the housing tax deductions and credits that can save them thousands and offset the cost of ownership. It might require a little more paperwork to claim these benefits, but the savings can make the effort well worth it. Whether you bought a home for the first time in 2015 or are planning to do so next year, find out how these homeowner tax breaks can keep more money in your pocket.