If you are buying a property in Florida for the very first time, you are in luck. A tax credit program is available for all first time buyers.
This program which is state run and has been around since 2005. One of the most surprising things about this is that many homebuyers both potential and existing are not all aware of this particular program.
Florida’s Housing Finance Corporation offers all first time buyers who are making the real estate investment for the first time money back in the form of tax credit. This tax credit is allotted every year. The organization further explains that tax credit which is received from the program throughout the duration of the loan can go up to $2000 every year. The website is floridahousing.org.
Who Can Make Utilize this Program?
According to Rose Green, Communications Director of Florida Housing Finance prospective home buyers who have a low income or moderate income are perfect for claiming this program. Candidates like these can claim around 50 percent of the mortgage interest in the form of tax credit on the income tax return they have to pay.
However the program significantly benefits people looking to buy a home in Florida who have a lower monthly income. Once they are approved for this program they can use the money from their monthly income to apply for a higher loan, if that is what they require.
You Could Apply For It As Well
Not all places in Florida cost the same when it comes to real estate prices. For instance Miami is currently listed in the five most expensive housing markets. Lee County is known for its low crime rate and a gradually increasing area for employment opportunities (thanks to its attraction towards investors in all industries). It is a great place to start a family and though it may not be the most expensive place in the world, it can seem expensive to some homebuyers.
But the Tax Credit Program makes things easier. If you are renting a place in the Sunshine State and thinking about settling down this is the time to make the switch and buy a place for yourself.
But it is not just the tax credit program that the organization is offering; relevant reports show that this data is useful to help you in your plan when it comes to home ownership, as a lot of places may be too expensive or unsuitable for homeowners.
If you are searching for homes in Cape Coral, take a look at our home listings and short list the properties that you like. You can get in touch with one of the agents at American Brokers as well. Don’t hesitate to let us what you look for in a dream home and we will guide you to the perfect home just for you.