There are so many reasons for your clients to be buying homes now. Here’s another good reason to buy for first time homebuyers!
First Time Homebuyers can receive a tax credit based on the mortgage interest they pay each year. This is received when they file their tax returns each year they own their home and occupy it as their primary residence. Network Funding LP is a participant in the Mortgage Saver Program which is only offered by approved lenders throughout Palm Beach County. This Tax Credit is different than an interest deduction, it’s an actual tax credit and can result in tax refunds for the qualified homebuyer.
The Palm Beach County Housing Finance Authority “Mortgage Saver Program” is available to buyers meeting the following criteria in general;
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First Time Homebuyer
- Buyer has not owned a primary residence in the past 3 year period.
- Will be Occupying the home as a Primary Residence
- Property located in Palm Beach County
- Property is a Single Family, Townhome, or Condo (Condo must meet normal lending requirements)
- Maximum Purchase Price Limited to $381,375
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Maximum Annual Household Income Acceptable up to $105,560 for a household of 3 or more persons.
The program can be utilized whether the borrower is obtaining FHA, Conventional or VA Financing.
The Mortgage Saver Program is a Mortgage Credit Certificate which allows the qualified, approved buyer to file a special IRS form at the time they file their taxes to receive a Tax Credit on their annual taxes, equal to 20% of the interest paid. In order to be eligible the buyer must be living in the home as their primary residence and meet certain IRS rules.
Please call or email me to sign up for this wonderful program.
Annette Phelps
Lang Realty
Boca Raton 561-362-0045
bocarealtor1@aol.com
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