First Time Home Buyers
A first time home buyer is defined as someone who has not owned a home in the last 3 years. If you are a 1st time homebuyer, you may be entitled to many benefits including down payment assistance, lower than market interst rates, and certain tax credits. These programs are frequently changing so you need to contact us and we will help you determine what programs you can apply for. There is now a MCC Program for time buyers who make less than $ 73,000.00 annually. MCC stands for Mortgage credit certificate. This program gives the 1st time buyer an annual tax credit of 30% of their annual mortgage interest paid. The credit is limited to a maximum of $ 2,000.00 annually. This translates to $ 167.00 monthly. Did you know you can change your withholding exemptions at work and bring home this $ 167.00 each month to offset your house payments? Also this deduction is good as long as you own the home.
