Regulations approved by the Program My Own House (MCP) and Circular Letter 2013-008, which specify the rules and procedures necessary to obtain the benefit of the program. (Abstract).
• Up to 3% of the purchase price or appraisal, whichever is less. Maximum $ 6,000
• Units with sales price or appraised less than $ 100,000, the minimum is $ 3,000. In cases where closing costs are less than $ 3,000 benefit will be limited only by the amount necessary to cover closing costs.
• In new construction properties of social interest, the contribution will be subsidized up to 5% of the sale price, even if it exceeds $ 6,000
• The benefit will be adjusted by an equation of liquidity (assets that a customer). Royalties can not be considered as liquid assets in the liquidity analysis.
CONDITIONS FOR ACCESS TO BENEFIT
• Annual Gross Income less than $ 60,000
• U.S. citizen or legal resident of PR least 1 year
• That the property is for a principal residence.
• It has previously been granted another similar program.
• You can not have another property in your name.
• Sales Price or Valuation (the lesser) of not more than $ 200,000
• Social Housing.
• Residential (single family) to $ 110,000
• Apartments / Walk-Ups (multi) up to $ 125,000
• It may be up to 2 units, provided that one of the units either as a primary residence.