You've probably heard that the $8,000 federal income tax credit for first time home buyers has expired as of April 30, 2010. Well, if you weren't able to take advantage of that tax credit, there is another tax credit available to first time home buyers in the state of Texas that may be even better!
You could potentially get a federal income tax credit through the Texas Mortgage Credit Certificate program of up to $2,000 each and every year that you own and occupy the property you purchase as a first time home buyer (cannot have owned a home in the last 3 years). If you were to stay in your new home for 10 years, for example, and received the maximum $2,000 tax credit each year, that would be $20,000 in tax credits (federal income tax refunds, or lower tax withholdings each paycheck) for you!!!
Several local and state housing agencies have Mortgage Credit Certificate programs available for properties located in the State of Texas.
Certain limitations on income and sales price apply. So, if you are thinking of buying a home in Denton, Flower Mound, or Lewisville, Texas, or the surrounding areas, contact Candi Munguia for more information on qualifying for this great incentive to help you realize the American dream of home ownership!
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