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A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.
Low-income first-time homebuyers may receive mortgage and down payment assistance in the form of a zero interest deferred payment forgiveness loan. Funds are also available to assist with necessary rehabilitation. This program requires individuals to attend pre- and post-purchase budget counseling and also a homebuyer education class.
Middle-income first-time homebuyers may receive mortgage and down payment assistance in the form of a deferred payment loan that must be fully repaid upon future sale or transfer of the property or when the property is no longer the owner’s primary residence. Additional funds may be available for necessary repairs. This program also requires individuals to attend pre- and post-purchase budget counseling and a homebuyer education class.
The State College Community Land Trust purchases homes, makes necessary repairs then sells them to income qualified and mortgage ready home buyers. The buyer purchases the house but not the land underneath. The land underneath is owned by the Land Trust and is leased to the homeowner, so the purchase of the house is affordable. If the homeowner sells the house, they must sell it to another income qualified household; this will preserve affordable homes for future generations.
The Temporary Housing Foundation, Inc. purchases homes, makes necessary repairs and sells them to income qualified and mortgage ready home buyers. The homes are sold to the buyer at the same purchase price that Temporary Housing Foundation paid before the repairs. Gap financing subsidy and closing cost assistance may be available. The buyer must provide 3% of their own funds for down payment. This means families can purchase more of a house with a lower monthly payment, therefore making it affordable.