Colorado Homebuyer Tax Credit

Don’t Miss Out on the Colorado Homebuyer Tax Credit!


Remember the $8,000 Tax Credit from the IRS that was offered to First-Time Home Buyers from November 2009 through September of 2010?  This credit was a great thing while it lasted, but since housing is now officially on the upside and a recovery is well underway, it’s certainly a thing of the past, and will not be coming back.

However, there’s an even more lucrative Tax Credit Program currently available, that saves Colorado Homeowner’s an average of $42,000 over the life of their mortgage loan!

A Mortgage Credit Certificate (MCC) provides major savings for first-time homebuyers, Veterans, as well as select Repeat Homebuyers***.  NOTE:  The IRS defines a First-Time Homebuyer as someone who hasn’t owned a home in the previous 3 years  The MCC Tax Credit Program allows you to get a refund of 20% of the total interest you pay each year on mortgage, year after year as long as you use your Colorado home as your primary residence.

***The IRS has designated 30 Denver neighborhoods, 7 Colorado Cities, and 23 Colorado Counties as “Targeted Areas”, where the First-Time Homebuyer requirement is waived completely, therefore making the MCC available to repeat buyers.  Furthermore, the income restrictions attached to the MCC eligibility are also increased substantially, opening this phenomenal program up to many more buyers. The best part is that many of these “Targeted Areas” are actually highly desirable areas in terms of location and appeal.  Please complete the the form below, or reach out to me directly to obtain more information regarding these “Targeted Areas”.

EXAMPLE:

$200,000 loan amount at 4.500% interest rate = $9,000.

20% of $9,000 = $1,800

In this example, the homeowner is now is able to either increase his/her annual refund from the IRS by $1,800, or should they owe taxes, the $1,800 reduces the amount they owe.  Meaning, if the homeowner is receiving a $1,000 refund, they now receive a $2,800 refund, or if the homeowner owes the IRS $1,000, they would instead receive a refund of $800.

In addition, it’s important to know that you still get to claim the remaining 80% of your paid mortgage interest (the portion of interest not claimed as a credit) as a tax deduction just like normal.

However, not everyone is eligible for this program, and some restrictions do apply.  Complete the information below and I will contact you to let you know if you qualify, or you can contact me directly at 303-929-5702 or christiand@fairwaymc.com