Have you filled out your taxes yet? Are you getting a refund? NO?!?! You might need to buy a house! There are Mortgage Tax Deduction Laws in place that make Home Ownership more affordable.
There are Mortgage Tax CREDITS available for First Time Home Buyers too!
Many times we talk to home buyers (especially first time home buyers) who tell us that they “want to keep their payments around where they are now.” Meaning that if they are paying $1200 a month in rent – they feel confident that they can afford a house payment of $1200… And that’s very logical – except – they’re comparing Apples to Oranges.
When you buy a house – it helps the economy, and UNCLE SAM gives you a TAX Advantage – which essentially equals a RAISE!
So, the good news is – if you’re in a 30% tax bracket – you can probably “keep your payments around where they are now” with a new house payment of $1450!
First Time Home Buyers Mortgage Tax Deduction
There’s also a Mortgage Tax Credit (MCC) for First Time Home Buyers in NC. In fact, the NCHFA / NC First Time Home Buyer Tax Credit 2015 Program offers dollar for dollar tax credit, up to $2000 a year to those who meet the income and credit guidelines and have not owned a home in the last 3 years. This credit can be used to help qualify you for a slightly bigger home.
The NCHFA updated this MCC program, making it even more attractive for those who are purchasing new construction.
If you are considering a home purchase, and need a Mortgage Loan in Raleigh, please call Steve and Eleanor Thorne at 919-649-5058. We work with many First Time Home Buyers, and have the best mortgage rates available!