Home Buying in Belleville>Question Details

Shabray1, Home Buyer in Boise, ID

Mortgage Credit Certificate

Asked by Shabray1, Boise, ID Sat Jun 2, 2012

I am a second-time homebuyer purchasing a home in Belleville, IL. I have come across the Mortgage Credit Certificate and would like to know if I am eligible for that credit. I understand that I cannot receive any of the down payment assistance reserved for first-time homebuyers, but are there any other credits that I may qualify for as an active duty member?

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Great answer Kritin. If you still have your VA eligibility certificate available, you can buy a home with no money down, ask the seller for closing costs and the loan will have no PMI which is a huge savings. In addition, you could benefit by purchasing a home where the seller qualifies for the Homeowner's Assistance Program as a military person who is losing over 10% on the sale of their home. You can contact me for a list of those homes or any other available homes in the Belleville area. My email is metroeastrealtor@gmail.com and cell phone number is 618 541-8300.
0 votes Thank Flag Link Sat Jun 2, 2012
Thanks for the response. I currently have a VA loan and will be purchasing a second home with a VA loan as well (Bonus Entitlement). I already have a home picked out and am just looking for eligible credits to make it an even better deal. If you know if any, please pass along the info. Thanks for the response.
Flag Sat Jun 2, 2012
There are several things that effect a Mortgage Credit Certificate. Generally, it is harder to receive credits with a second mortgage. How long has it been since you previously owned a home? Are you currently using a VA loan? Illinois has several programs available, including Welcome Home Heroes, which can give up to $10,000 to veterans and active duty. There are many guidelines you must meet to be eligible for this. If you have further questions or need more information, I am an active duty spouse and familiar with VA processes and eligibility. Please call me at 859-361-4078.
0 votes Thank Flag Link Sat Jun 2, 2012
Kristen thanks for the reply. I have actually owned this home for the past 3 years and intend to rent it out (have a signed lease). Is there any work around with the Welcome Home Heroes Program or any other programs that I might qualify for?
Flag Sat Jun 2, 2012
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