It seems like most of the updates I have been seeing were related to the tax bill that Congress has been working on. Minnesota Housing sent an email that the final bill will not have any impact on the mortgage credit certificates. So if you are in the process of buying a home using this program, it will not end. This program helps you save money over the length of your mortgage with a tax credit for a portion of the interest you pay. MN Housing is ending their program, but Dakota County still has it available.
Down payment assistance will still be available through MN Housing and Dakota County CDA, along with several other local programs.
It also looks like the mortgage interest deduction will be available for mortgages up to $750,000. And you will still be able to write off your property taxes, state and local income taxes up to $10,000.
VA has increased their mortgage limits to match Fannie Mae and Freddie Mac.
For those looking to buy in 2018, most mortgage programs are the same – with some changes to make it slightly easier to qualify for a home. If you are a first time homebuyer, you can buy with as little as 3% down! If you have VA benefits, you can buy with zero down! Interest rates are still great – on the rise, but still very low! There were some changes to the way we calculate student loan payments and that may help you purchase a home!
I hope you all have a very happy Holiday Season!! 2018 is right around the corner!
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website
