Special Tax Credit for First Time Home Buyers?

Asked by Jeremy Locke, Kirkland, WA Sat Nov 9, 2013

Did you know there is a special tax credit in Washington State for First Time Home Buyers? If you have not owned a home in the last 3 years, and you are going to purchase a home you may qualify for a special tax credit called the Mortgage Credit Certificate. For more information on the tax credit that will help you save money, check out the Washington State Housing Finance Commission website here:

http://www.wshfc.org/buyers/MCCprogram.htm

To see if you qualify for the tax credit on your home purchase, contact me for details.

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3
Kary Krismer, Agent, Renton, WA
Sun Nov 10, 2013
Rob, as I understand the program, they get to take 20% of the interest they pay each year as a credit to their income tax, and the remaining 80% remains a deduction. There are some recapture possibilities if they sell within 9 years of buying, but those are apparently limited to 50% of the gain.

I'm not terribly familiar with this program, and it remains another first time buyer program that I am leery of.
0 votes
Kary, just because you are unfamiliar with a program, should not be a reason to doubt it. The MCC tax credit is a special tax credit, that puts money back into the buyers pocket, for full life of their loan. Do some follow up research, or even take the WSHFC sponsored class to learn more about the programs. If you have any questions you can contact me directly. It helps buyers qualify for more, while saving them money. Thanks for the input.
Flag Sun Nov 10, 2013
Rob Merhaut, Agent, Bellingham, WA
Sat Nov 9, 2013
What type of tax credits do you receive? Property taxes?
0 votes
Rob Merhaut, Agent, Bellingham, WA
Sat Nov 9, 2013
What type of tax credits do you receive? Property taxes?
0 votes
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