Is your plan to buy a home in Denver?
Then don't miss your chance to claim the MCC Tax Credit Denver CO (Federal program)!
The tax credit can save you a lot of money each year on your mortgage. The tax credit will substantially reduce your effective interest rate, by allowing you to take a portion of your mortgage interest as a tax credit, or a direct reduction of your tax liability.
Depending on your loan amount, you can deduct between 20-50% of your mortgage interest. The MCC Tax Credit Denver CO 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.
You can qualify for the tax credit as long as you fall under the (generous) income limits for the program, and are a first time home buyer or a military Veteran. Again, ALL VA buyers and first time home 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 Denver, a common price point for first time home buyers in the area.
Loan Type: FHA loan at 3.5%
$6813 - Mortgage interest year 1
$1363 - 20% Home Buyer Tax Credit $113 - Savings per month
2.56% - Effective interest rate (the net interest rate you are paying considering that you are paying $113 less interest per month)
This shows that the tax credit is a huge benefit that you don't want to miss out on!
You can only obtain the MCC Tax Credit Denver CO through an approved lender who can offer the program. We are the top tax credit lender in Colorado.
Call us today to find out if you qualify. We will answer your questions fast!