What could you do with an extra $2,000 per year?

We recently mentioned Utah’s Housing Corp in a recent post about how to line up money for your down payment when purchasing a home.

According to Utah Housing Corp, they are “Serving Utah's housing needs through finance and innovation.

Utah Housing Corporation (UHC) was created in 1975 by Utah legislation to serve a public purpose in creating an adequate supply of money with which mortgage loans at reasonable interest rates could be made to help provide affordable housing for low and moderate income persons.”

One of the programs the Utah Housing Corp offers is mortgages for first-time homebuyers and for homebuyers who were previous homebuyers. UHC provides down payment and closing cost assistance for those who may not have the initial funds to purchase a home.

UHC also offers a Homebuyer Tax Credit, which may save you up to $2,000 each year for the life of your loan.

What is the Homebuyer Tax Credit?

According to the HTC homebuyer brochure:

• A mortgage interest tax credit intended to help eligible borrowers afford homeownership.

• It is an annual tax credit for the life of the original first mortgage, as long as you live in the home.

• UHC provides eligible borrowers with a Mortgage Credit Certificate (MCC). You must have the Certificate in order to file the credit with your taxes each year.

• If you qualify, you claim the credit on your Federal Tax Return each year.

• If approved, your Tax Credit is 25% of your annual mortgage interest as reported to the IRS from your Loan Servicer (not to exceed $2,000).

Who can qualify?

• A first-time homebuyer OR a home purchased in a targeted area.

• It has to be a single family home.

• Meet program’s income and purchase limits.

• This home would be your primary residence 100% of the time.

Only participating lenders can offer these programs and loans.

Speaking of participating lenders …..Are you buying a home in the Salt Lake City area and financing questions? Contact Marci Pipes today!! Marci’s belief is that communication is the most important element in obtaining a mortgage loan.  “Through consistent communication with our clients, we strive to create a “concierge level” experience second to none in the industry."

Call Marci at 801-635-4741. Follow us on Facebook!