Many of you have heard about the $8,000 First Time Homebuyer Federal tax credit that is scheduled to sunset December 1, 2009. But, have you heard of the Mortgage Credit Certificate?
Nationwide, many Cities and Counties have made this "dollar-for-dollar" federal tax credit program, the Mortgage Credit Certificate, available to their area home buyers who meet the program's income requirements and/or are purchasing in a target census tract. There is an MCC program being administered through the Portland Development Commission that many first time home buyers are taking advantage of.
I received a great question this week through Active Rain. This person was asking if the $8,000 tax credit may be used in conjunction with the Mortgage Credit Certificate tax credit, and the answer is YES!!!! Eligible first time home buyers may take the $8,000 tax credit the first year, then may still take their ongoing mortgage credit certificate tax deduction on the remaining years when they file their federal income tax return.
So, if you are a first time home buyer in an area where your city and/or county offer the mortgage credit certificate program, make sure you look in to both options as they could save you a TON on income taxes!
See you out there!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
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I hadn't heard of this program, do you know what counties this is being offered in here in Oregon? I would love to advertise the heck out of this on a couple of my listings.
