Alliance 4 Housing

Partners > Galveston County

 Now you can buy a new home and SAVE about $150 a month!
 The Galveston County
Mortgage Credit Certificate Program.
       Learn how you may qualify for this money-saving mortgage tax credit program 
What is the benefit of the Mortgage Credit Certificate Program?
As a Mortgage Credit Certificate holder you will receive a direct dollar-for-dollar federal income tax credit and a savings equal to 50% of the interest paid on your new mortgage loan every year as long as you own and live in your home. (See savings example below).
Participating lenders may provide financing under any home loan available, including conventional, VA or FHA. If you need help qualifying, the MCC can work in your favor. It even may assist you to qualify for a larger home than you first thought. In addition, it may help you qualify for a mortgage loan when you otherwise might not. Ask your lender for details!
 
This is how it works:
50% MCC Tax Credit
Loan amount
$120,000
Times loan interest rate
x 5.0%
Approximate Annual Interest
$6,000
Times MCC credit rate
x 50%
*Approximate First Year Savings $3,000
*Maximum First Year Savings
$2,000
* Federal law limits annual savings to $2,000.
How do I get an MCC with my loan?

To obtain your MCC and save about $150 a month:

  1. Call a participating lender or your local Realtor or builder for details;

  2. Obtain a contract to purchase the new or existing home you choose;

  3. Meet program guidelines and qualify for the home mortgage;

  4. Receive a reservation from your lender for a Mortgage Credit Certificate to save 50% of your mortgage interest; 

  5. Close on the purchase of a home;

  6.  Enjoy your tax savings and your new home.

 
If you are a lender, please download the following documents to sign up for the Galveston County Mortgage Credit Certificate Program:
 
Galveston County Housing Finance Corporation has initiated the Mortgage Credit Certificate Program to save homebuyers up to $2,000 per year!
 
 
What is the Galveston County Housing Finance Corporation?
The Galveston County Housing Finance Corporation is a non-profit agency formed by state charter to assist in financing various types of housing-related programs within its jurisdiction.
One of the responsibilities is to use bond allocation for single-family home financing. In this current single-family bond financing cycle, the corporation chose to use its bond allocation to provide a Mortgage Credit Certificate Program.
Galveston County Housing Finance Corporation has $7 million available for MCCs. If you are buying a home within the limits of the Galveston County but NOT within the Cities of Galveston Dickinson, La Marque, League City, Sante Fe and Texas City, you are eligible to use this program as long as the funds last.
 
 Maximum Income &
Purchase Price Limits

Size of Family
Non-Targeted Area
Targeted Area
1-2 Family Members
$66,900
$80,280
3+ Family Members
$76,935
$93,660
Purchase Price Limits for All Houses
$247,022
$301,929

Check your eligibility for an MCC!
 
The programs are open to first-time homebuyers (those who have not owned a home in the past three years) who:
  • Meet the new income and home purchase price requirements; 
  • Qualify for a mortgage loan; 
  • Will use the home as their principal residence; 
  • Will use the loan for the home purchase but not for refinance; and, 
  • Will not use a bond loan.

  
GALVESTON COUNTY HOUSING FINANCE CORPORATION
MORTGAGE CREDIT CERTIFICATE PROGRAM
PARTICIPATING LENDER LIST
 

     
 
 
 
AmeriPro Funding, Inc.
  
550 Post Oak Blvd, Ste 420
Houston, TX 77027
8300 N. Mopac, Ste. 120
Austin, TX  78759
 
 
713-331-9161
 
512-335-5300
 
 
Bank of America
13756 Northwest Freeway
Houston, TX 77040
 
16290 Katy Freeway, Ste 100
Houston, TX 77094
 
713-263-4165
 
281-579-5013
 
 
 
DHI Mortgage Company Ltd
 
2001 Timberloch Place, Ste. 550
The Woodlands, TX  77380
 
 281-465-2040
 
 
Network Funding, LP
Mortgage Bank
 
9700 Richmond Avenue, Ste 320
Houston, TX 77042
713-344-1175
 
 
 
 
Premier Nationwide Lending
 
2001 Lakeside Parkway
Flower Mound, TX 75028
972-537-0600
 
 
 
 
Prime Lending
A Plains Capital Company
 
16055 Space Center Blvd., Ste. 250
Houston, TX 77062
281-990-8100
 
 
 
TXL Mortgage
 
 
11931 Wickchester, Ste. 400
Houston, TX 77043
 
281-953-2516