How would you like to get up to $2,000 per year from the IRS, just for owning a house?
The City and County of Denver now offers a Mortgage Credit Certificate (MCC) program, and you can get a tax credit (not a deduction, but actual money back) directly from the IRS if you participate in the program. Here are some of the highlights of the MCC program:
You get 25% of the interest you pay on your mortgage back from the IRS as a tax credit – up to $2,000 per year – for every year you own the house.
The property must be your primary residence.
You must not have owned a primary residence in the past 3 years, unless the property is in a targeted area.
Your qualifying income must be below $96,120 if there are 1 or 2 people in your household, or below $112,140 if there are 3 or more people in your household.
The purchase price cannot be more than $432,650 if the property is outside a targeted area, and not more than $528,795 if the property is inside a targeted area.
The fee is $75 + 0.15% of the mortgage amount. As an example, if the mortgage amount is $350,000, the fee would be $75 + $525, or $600 total. You only pay the fee once.
The City and County of Denver has enough funds for $40,000,000 of mortgages. After that money is gone, the program ends for the calendar year.
You must use a participating lender to qualify for the program. Cherry Creek Mortgage (that’s us) is a participating lender
Call me now to find your Denver Dream Home.