If you are buying a home in the City and County of Denver in the near future, you will be eligible for a federal income tax credit.
For the life of the loan, 20% of the interest on your mortgage loan will be returned to you in the form of a tax credit.
The Mortgage Credit Certificate Program is anticipated to last through December 31, 2011, but if the $25,000,000 available is used before then, the program will cease.
Available to first time buyers (defined as persons who have not owned real estate for 3 years), the program also has income limits and purchase price limits. Non-first time buyers are eligible for the program if they purchase within one of several targeted areas in Denver.
For families of 1-2 persons, maximum income limits are $88,600 if the home is in a non-targeted area, and $91,200 for a home purchased in a targeted area.
For families with 3 or more persons, the income limits are $101,900 and $106,400.
Homes in non-targeted areas must have a maximum price tag of $354,900.
Homes in targeted areas can cost up to $433,800.
This program requires that the buyer attend a class and receive a certificate once completed the course.
Qualifying for this program does not preclude your eligibilty for the $8,000 federal tax credit that is currently available through November 30, 2009.
For more information on MCC, please click here.
If you’d like to be put in touch with one of the mortgage lenders that is participating in this program, please give me a call or email me.
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