Denver County Mortgage Credit Update
The City and County of Denver 2012 Mortgage Credit Certificate (MCC) program is pleased to announce the new program changes. Not everyone is aware that there is a tax credit out there for first time home buyers. The MCC Program provides an annual federal income tax credit to qualified borrowers.
For those buying in Denver county the Mortgage Credit rate is going to increase to 30% for 2012!! The credit in previous years was 20% (since 2009). This credit means you will receive a tax credit (not a tax deduction) of 30% of the annual interest paid on your mortgage loan! The remaining 70% of mortgage interest is still eligible to be tax deductable.
• For example with a 30% MCC rate if a homeowner’s annual interest expense is $11,000 the tax credit amount would be $3,300 per year.
The mortgage credit is not only available for Denver County, it is also available to all counties but tax credit rate is 20%.
Take advantage of this tax credit opportunity if you are a first time home buyer or if you know of anyone who is, make sure to ask your lender if they can do the MCC, there are only a handful of lenders who are approved.
Please call or email me at [email protected] to find out more.
303-779-0591 ext. 101