I've been doing MCC's since 1996 and was designated a Preferred Lender by Los Angeles County Community Development Commission....we currently close 3-5 MCC transactions per month. IMO, it is the best home buyer benefit you can get if you qualify.
The MCC DOES NOT LOWER YOUR MONTHLY MORTGAGE PAYMENT. IF YOUR LOAN OFFICER TOLD YOU THAT YOU SHOULD REPORT THEM TO THEIR LICENSING ENTITY, THE NMLS AND THE AGENCY WHICH ISSUED YOU THE MCC.
The MCC is a direct offset to your Federal Taxes owed to the IRS each year after you close and continue to occupy the home as your primary residence. As someone said, if you owe $2500 in Federal Taxes at the end of the year, and have an MCC of $2,000, you will pay $500 in Federal Taxes for that tax year. If you only owe $1,800, and the MCC credit is $2,000, you will end up owing zero in Federal Taxes for the year and the $200 that was not used can be carried forward three years and used.
The key to the MCC is to reduce your Federal Tax Witholdings from your employer on your paycheck, so that you are receiving the MCC benefit via decreased Federal Tax Witholdings on a monthly basis. Hence helping you to make the monthly mortgage payment.
Sorry this post is five years after the initial question, but the program has not changed in many years and hopefully this helps someone else.... more
Am a Nigerian i have a visiting visa to USA but the truth is that i don't want to go back and i have cash to buy a home in Chicago and i want to know if it can be possible to buy a house while on a visiting visa, am paying cash and not interested in Mortgage, please response to my email, email@example.com... more
Kristin, great question about the cost of a new roof & adding dormers. I've heard it could be a good idea to call a few licensed, reputable, and experienced roofers to come out and give a rough bid or quote. I would assume the cost might be based on things like access, pitch of the roof, how many layers of shingles are on the roof. Good luck, I'd love to see what the finished roof looks like. http://frontierconstructionco.com/services/roofingresidential-commercial/... more
Some Villages in Chicagoland have some really cool homes that are replicas of actual castles, most notably in Wayne, Fox River Grove and Elgin. Castles come in all shapes and sizes. To find the castle of your dreams in Orland Park, it may be best to work with a local Realtor in town and go out to look at the best choices.... more
It is a fairly large Village, just West of Schaumburg, with lower prices than Schaumburg and a newer home inventory. The many Forest Preserves and nice home style make it a great choice for many. Since the average family moves every 7 years, it is probably about the normal amount of home for sale. The one I listed there a couple weeks ago had 3 offers and sold in a week. My buyers and I like the homes here. My office is a few blocks from Streamwood, near Barrington and Schaumburg Road, if you want to discuss your home.... more
I live in Oakwood shores and I have lived here for over 5 years and my daughter was recently stuck up in the back of our house by someone that didn't even live in the neighborhood. So just because something is going on in your neighborhood doesn't mean it's someone from that particular neighborhood sometimes people come to our neighborhoods to conduct whatever they're trying to conduct and then they run off back to their neighborhood then they might be just as bad or bad so no matter where you are and how things may appear in a neighborhood doesn't always mean that that neighborhood is bad. Who's going to do some- dirt to someone in their own neighborhood to only be confronted eventually? So no matter where you are and where you go its going to always be trouble you just have to pay attention to your surroundings and just be safe try to keep yourself safe at all times no matter where you are. But Oakwood shores is a really nice place to live in the apartments are beautiful and I don't have section 8 but I still think that it's a beautiful place to live. And it has nothing to do with who pays what who's paying market rent or who's paying low subsidized rent it's all about the individual and their mindset. But good luck and God blessings to you all. M.K.L.... more
First of all - PEX is legal in Illinois/Chicago - it has been for a few years. It was only illegal because of lobbying by the plumbers unions. In any case,you are in the clear and it should actually add value to your plumbing setup as it can easily be fixed/expanded etc.
Hope that helps -
Link to IL plumbing codes