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Available tax credit for buying a home!

Posted on December 2, 2012 by Ray Williams (NMLS #216267).

For the past few years we have been educating and informing clients on the Mortgage Credit Certificate (MCC).  It amazes me how few lenders are doing these and how few realtors know anything about it.  Why wouldn’t you want to learn and know about a tax credit you can get? Wouldn’t you be happy if your lender and/or realtor informed you about a tax credit if your a first time home buyer?  This credit is not only for first time home buyers, this tax credit is also available to a buyer if they are purchasing in a “targeted area”. A targeted area is federally designated by either HUD and/or the IRS, which are neighborhoods working on stabilization.

 

  • Reduce the amount of federal taxes you owe by claiming 20, 30, or 50 percent* of your annual mortgage interest as a tax credit on your tax return.
  • Claim the remaining interest as a home mortgage interest deduction.
  • The result: You pay lower taxes and have more money to put back into your home or into savings!

 

*The Mortgage Credit Rate is based on your loan amount.

  • 20% MCC for loans of $150,001 or greater – no cap
  • 30% MCC for loans of $100,001 to 150,000 – $2,000/year cap
  • 50% MCC for loans of $100,000 or less – $2,000/year cap

Make sure to ask your lender and/or realtor about the MCC and if they are not familiar with it I highly recommend doing your own research.  Here a few places to start:  CHFA MCC, Denver County and my MCC page.

Please don’t hesitate to call and/or email me if you should have any questions.  We are always here to help.

~Ray Williams

Branch Manager

Summit Mortgage Corporation

303-779-0591 ext. 101

rwilliams@summit-mortgage.com

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