You may be thinking to yourself there is no way to give yourself a pay raise when you buy your home. What if you could buy your first home in Denver using a mortgage credit certificate that would allow you to adjust your W4 and take home more money every paycheck? What if that money directly allowed you to buy a home that were 20% more expensive than what you could qualify for without the mortgage credit certificate?
It is all true and not a sham! There is a program out from the City and County of Denver for qualified first time buyers to take advantage of a mortgage credit certificate. This certificate gives you the legal right to adjust your W4 filing with the I.R.S and take home 20% of the mortgage interest you would otherwise deduct from your taxes. So it becomes direct benefit to your finances when you buy, not later.
HOW does it work?
Let’s say you bought a $175,000 home at 5.25% for a 30 year mortgage. We know you would pay roughly $9,187 in annual mortgage interest ($175,000 @ 5.25% = $9,187). Now take 20% of that $1837 for your annual mortgage credit certificate. From there you take the $1837 divided by 12 months and get a credit for $153 per month that you can have added back to your pay after you buy!
So, if your home payment (interest, taxes, mortgage insurance) on a $175,000 home were $1,027, then you would only have to qualify for $874 per month and in essence youcould choose to qualify for more home, if you chose!
To learn more visit http://www.milehigh.com/housing/for-sale/mcc-program and you will see my number as an approved lender (the list is very short of approved lenders by the city and county)~
Call with questions~
303.779.0591 ext. 101