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2012 November · WAHomeowners.com

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Save $2,000/Year with Little Known Mortgage Credit

Purchasing a new home can be a daunting task. Worse, the idea of homeownership might seem out of reach to some families. Fortunately, there are means to make homeownership more reasonable, thus giving those with modest incomes a chance at the American Dream.

In certain areas of the United States, first-time home buyers can receive a tax credit designed to lessen the burden of a monthly mortgage. While the specifics can change from state to state, and even county to county, first-time homeowners may be able to participate in a Mortgage Credit Certificate program.

 

Savings/Mortgage

Source: http://www.movoto.com/blog/real-estate-tips/tax-savings-every-first-time-home-buyer-should-know/

What is a Mortgage Credit Certificate?

At its core, an MCC—as it’s commonly known—offers an income tax credit to first-time home buyers. Theoretically this frees up a household’s income to make mortgage payments. An MCC can save you up to $2,000 a year for the lifetime of your loan.

An MCC, however, can be complicated. To help digest the certificate program, Movoto Real Estate has broken down its pieces. With our state-by-state guide, you’ll be able to answer:

  • What is a tax credit?
  • How does a Mortgage Credit Certificate work?
  • Who is eligible?

While not every area has an MCC program, many states have plans to help first-time home buyers through alternative means. We have included a discussion of one such plan, known as a Mortgage Revenue Bond Loan.
Read the full article here:  http://www.movoto.com/blog/real-estate-tips/tax-savings-every-first-time-home-buyer-should-know/

Show Me Your R!

That’s what you need to ask your Real Estate Broker before you work with them!  Watch this video to help understand why it’s so important to work with a REALTOR®!  There IS a difference.  Pass the word on and let your friends and family know that they should be working with a REALTOR®.