Home Buyer Tax Credit Wheat Ridge Colorado

Are you looking to buy a home in Wheat Ridge?  Then don't miss out on the Home Buyer Tax Credit Wheat Ridge Colorado.  The tax credit can save you a lot of money each year on your mortgage.

The tax credit is a direct reduction of your tax liability and will reduce the amount of interest you pay on your mortgage, and will substantially reduce you effective mortgage rate.

You can deduct between 20-50% of your mortgage interest, which is determined by your loan amount.  The Home Buyer Tax Credit Wheat Ridge Colorado is a credit, not a deduction, meaning that if your tax credit is for example $1000 this year, and your tax liability is $1500, you would only owe $500, as the $1000 credit is subtracted from how much you owe on your taxes.

If you are seeking a first time home buyer loan in Wheat Ridge, you can qualify for the tax credit as long as you fall under the (generous) income limits for the program.  Also, all VA buyers qualify for the tax credit!

Here is an example of the savings you could see with the tax credit.   This is for a $200,000 home in Wheat Ridge, a common price point for first time home buyers in the area.

Type of financing:  FHA loan at 3.5%

$6813 - Mortgage interest paid first year

$1363 - Home Buyer Tax Credit (20%)

$113 - Monthly Savings

2.56% - Effect interest rate (the net interest rate you are paying considering that you are paying $113 less interest per month)

As you can see, the tax credit is a huge benefit that you don't want to miss out on! 

You can only obtain the Home Buyer Tax Credit Wheat Ridge Colorado through an approved lender who can offer the program.  First Cal is the top tax credit lender in Colorado.  Call us today to find out if you qualify.  We will get you an answer in minutes!

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RJ Baxter, First Cal Colorado

303-670-0137 (direct)

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12211 West Alameda Pkwy, Suite 210

Lakewood, CO 80228

NMLS #395819