Want to earn tax credits when you buy a house? These may be potentially worth $60-75,000 over the life of your mortgage, depending on income and other qualifications.
Both the Washington State Housing & Finance Commission (WSHFC) and the National Homebuyers’ Fund (NHF) offer down payment assistance programs. One of the options under these programs is the “Mortgage Credit Certificate”, allowing a qualified homebuyer (Typically, higher income homebuyers with few deductions or credits) to claim up to 20% of annual mortgage interest paid as a federal income tax credit.
Here is how it works:
Borrowers are subject to income limits, and under some conditions may be subject to recaptured tax when they sell the home.
Borrowers should always consult a tax expert to figure out if the program is right for them. To find out more, please message me privately at HomeLandInvestment@gmail.com