BRYAN, Texas Buying a home may be a little less daunting for low to moderate income families in our area with improvements to a program that first went into place in 2010.
It's called a mortgage credit certificate, and as News 3 found, a lot of people say the new state grant money is making home-ownership easier.
Kathy Coleman is a single mother, Realtor and moved into her dream home in Bryan this summer.
"Well Clay this is my kitchen. I love my kitchen, I love the granite countertops," said Coleman as she gave News 3 a tour of her house.
The mother of two boys had help getting her home from her lender with what's called a mortgage credit certificate, which is a tax credit offered each year for the entire loan period.
To sign up you have to have a family income of less than $84,000 a year.
"I have a 21-year-old son who was in college at the time and helping to pay for college expenses and just everyday living expenses. I didn't have much of a savings. So with the programs they were able to help me with the down payment that I needed to get into the home which allowed me to get into my home sooner," Coleman explained.
With the mortgage credit certificate program Kathy Coleman can save up to $2,000 a year on her taxes. Multiply that by a 30 year mortgage and that means she could potentially save up to $60,000.
Jeanne Knapp with the Brazos Housing Finance Corporation says the programs have added benefits since we first told you about it in 2010.
Down payment assistance is also offered now too.
"It's up to five percent of the loan and it's a down payment assistance grant so it does not have to be paid back. It is to help those first time homebuyers or homebuyers in general to get in that first house," Knapp explained.
"I encourage everyone to take a look at it and see if it works for them," suggested Coleman.
A new pathway in that search of the American dream.
The mortgage credit certificate has an upfront cost of one percent of the value of the loan.
The optional down payment assistance program has a $100 fee for a training course.
The $25 million worth of grant money is available for homeowners in a seven county area of Brazos, Burleson, Grimes, Leon, Madison, Robertson and Washington Counties.
To find out which local lenders offer the program see the related links attached to this story.