Tuesday, January 14, 2014
Homebuyer Tax Credit
Did you know that you could be eligible to receive a $75,000 tax credit to purchase a primary residence here in Seattle?
Many homebuyers are simply unaware of the financial incentives that exist in the lending market for qualified buyers today. Working with an agent broker who understands the loan products that can save you time and money as a buyer is critical. Buyer's agents are NOT all alike! Some of us actually spend time researching creative and little-known ways to save our clients money! I will continue to blog about some of those options here.
How much more house could you afford if you qualified for a $75,000 tax credit?
Many lenders are unfamiliar with the State of Washington's Mortgage Credit Certificate (MCC). These are tax credits that put extra cash in your pocket monthly, not a mortgage. MCCs are available with fixed or adjustable rate conforming loans, FHA, VA, or USDA loans.
MCCs are available for new purchase loans only, not refinances, unless you are replacing some type of bridge loan. There are income limits, so the borrower in King County must earn less than $90-97,000 annual income (depending on family size). The purchase price of the house must not exceed $475,000, and it must be owner-occupied, with no more than 15% of the residence used for business or trade. The borrower must also attend a qualified homebuyer education course.
Applications are accepted on a first-come, first-served basis by a statewide network of lenders. My preferred lenders understand this program, and they work with my VIP Buyers. These lenders will establish all underwriting criteria, including interest rate, downpayment requirement, term, fees, points, and closing costs. The lender will then submit your loan application and notify you as to whether your application is accepted.
I offer financial and homebuying education, and information on the most attractive financing options through my preferred lender network to my VIP Buyer Clients. If you are interested in learning more about your homebuying options, or are interested in purchasing real estate in Seattle, please email HomeLandInvestment@gmail.com or leave me a private message on my recorded real estate information hotline at 888-621-4999.