Additional Tax Credit

By
Real Estate Agent with C3 Real Estate Solutions

 

We are all aware of the rush to get your clients under contract by April 30th to qualify for the tax credit.  Did you know there is an additional tax credit that does not run out?  This tax credit can also be combined with the curent tax credit so you can double your clients tax credit.

How it Works

The credit, a Mortage Credit Certification Program, allows buyers to claim up to 20% of the paid mortage interest every year they live in the home for the life of the loan.

  • For the life of the loan, MCC holders may claim a dollar-for-dollar reduction of income tax liability equal to 20 percent of the paid mortgage interest on the first mortgage
  •  The remaining 80 percent of the paid mortgage interest continues to qualify as an itemized tax deduction.
  • MCC tax credit can be used with FHA, VA, USDA, Conventional, Home Path, CHFA programs.

For Example:

  • $180,000 loan amount at 5% APR
  • $9,000 of interest can be written off each year, this is a deduction through your taxes but not a direct credit.
  • 20% of $9,000 is $1,800 that the buyers can claim as a credit, and get that money back into their pocket!
  • $1,800 per year for the LIFE OF THE LOAN!

THIS PROGRAM IS AVAILABLE TO ONLY A FEW LENDERS!  

TO GET EXTRA CREDIT WITH YOUR BUYERS YOU MUST CALL CATHERINE EUSEA

 

Catherine Eusea

Selling Branch Manager

Eusea Team at Prospect Mortgage

2032 Caribou Drive, Suite 102

Fort Collins, CO 80525

970-223-8300 Direct

720-300-6777 Cell

877-260-7114 Fax ***NEW FAX NUMBER

www.EuseaTeam.com

Posted by

Dee Bundy and Leslie Leis - the NoCo Home Team

 

Dee Bundy and Leslie Leis - The NoCo Home Team

ERA Herman Group Real Estate

112 E. Olive

Fort Collins, CO 8052

Cell:970-460-4006

Office: 970-224-9336

greetings@nocohometeam.com

www.NoCoHomeTeam.com

Proudly serving the Fort Collins Real Estate needs of Fossil Lake Ranch, Observatory Village, Ptarmigan, Waterleaf, Ridgewood Hills and all of Larimer County.

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Topic:
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1st time home buyer
additional tax credit

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Rainmaker
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Rolando Trentini
F.C.TuckerEmge Realtors, LLC - Evansville, IN

Thank you for posting and sharing your informative article.

Wishing you continued sucess.

Apr 21, 2010 10:14 AM #1
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Rainmaker
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