Did you know you could be eligible for a tax credit that is a little known and not marketed to consumers? It currently is set to expire at the end of this year, so get the credit before it is gone.
Program Benefit: The 2009 Denver MCC program allows qualifying borrowers to
receive an annual federal income tax credit = 25% of the annual interest they pay on their mortgage loan ($2,000 maximum).
Program Size: $25,000,000. The remaining amount of funds is $13,130,598 as of 1/25/11.
Program Period: April 22, 2009 through December 31, 2011 as long as allocation is available.
Eligible Mortgagors:
1) First-time Homebuyers:
Cannot have owned a home in the past three years (except in “Targeted Areas” and except for Qualified Veterans). Targeted Areas are census tracts designated by HUD as underserved in mortgage loan origination.
2) Maximum Family Income:
Non-Targeted & Targeted
Families of 2 or Fewer: $91,080
Families of 3 or More: $106,260
3) Maximum Home Cost:
Non-Targeted Targeted
1-Family Residence $365,635 $446,875
Eligible Loans: Terms and interest rate of the mortgage loan are set by the Participating Lender, though must be fixed-rate and not exceed 40 years.
Eligible Loan Area: Mortgage loans under the program may be made to qualifying borrowers in the City and County of Denver.
Cost: $75 non-refundable Borrower Application Fee plus 0.15% of the
mortgage amount for the MCC Issuance Fee.
Homebuyer Education is required for all borrowers.
Call me for more details:
Ray Williams
303.779.0591 x 101
