Can you have too much of a good thing? If that thing is money, we say, “Heck no!” That’s why we’ve created Home Is Possible Plus, or HIP Plus for short.
Like any legendary pairing – think spaghetti and meatballs or cookies and milk – the Home Is Possible and Mortgage Credit Certificate homebuyer programs are best served together.
When you meet the requirements of both programs, you’ll double up on benefits from both, saving you some serious dough during the closing process and every year at tax time.
HIP Plus Key Benefits:
- Non-repayable money up to 5% of the loan value (usable for down payment and closing costs)
- Federal tax savings up to 30% of the mortgage interest paid (annually for the life of the loan)
- Attractive 30-year interest rate
- Financing available for manufactured homes
HIP Plus Requirements
- Must be a first-time homebuyer (have not owned a home in the past 3 years) or qualified veteran
- Households within the maximum income and purchase price by county
- Must live in the home as the primary residence
- Homebuyer education course required
- Discounted one-time $495 program fee plus $300 lender application fee
Just remember this simple equation for saving money:
HIP + MCC = HIP Plus
Ask your lender if you qualify. Need a lender? Visit our Find a Lender page.