With the new tax changes that will be occuring soon due to the fiscal cliff agreement, on average those of us earning less than $150K a year, we will have a 2% payroll tax increase. Make sure to research and find out more on how it may effect you. The fact is, everyone will have a payroll tax increase.
Now some good news to help offset the increase and decrease in our paychecks. Buying a home can offset this loss! IF you are a first time homebuyer or if you are buying in atargeted area, there is a tax credit available to you when you purchase a home! It is called the Mortgage Credit Certificate (MCC). By using this tax credit you are able to reduce the amount of federal taxes you owe by claiming 20,30 or 50% of your annual mortgage interest as a tax credit on your tax return! Still be able to claim the remaining interest as a home mortgage interest deduction. The result is by lowering your tax liabilities your able to put more money in your take home pay. I know this sounds a little confusing, so I highly suggest doing some research and finding out more about this great program and how it works. Ask your lender or if you don’t have a lender, we encourage you to call us for more info.
Here is a helpful link to find out more, to see how it works and how it can help you. For Denver county you can find more info on the Denvergov.org website, and for all other counties you can find out more info at chfainfo.com.
Not all lenders are approved to do the MCC, so make sure you ask your lender if they approved. We are glad to say we are approved! Again, if you have any questions about the MCC please feel free to contact us.
If you would like to get pre-approved for a home loan, please feel free to contact us and/or completed a secure online loan application.
Summit Mortgage Corporation
303-779-0591 ext. 101