Get a tax credit when you buy a home

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Sep 152022

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By G. Steven Bray

The recent spike in interest rates may have made it harder for you to afford the home you want. For a $300k home, a 1% increase in the interest rate means a roughly $200 increase in the monthly mortgage payment, and that means you need a $400 raise to qualify for the same home before rates went up.

If you can’t convince your boss to boost your paycheck, I have another option: a Mortgage Credit Certificate. The certificate provides a tax credit equal to 20% of the interest you pay each month as part of your mortgage payment. And here’s the important part: we can treat that tax credit as additional income to help you qualify for more home.

A $300k 30-year mortgage with a 6% interest rate could generate a tax credit of almost $3600 in the first year. That boosts your qualifying income by almost $300 per month.

See how large a tax credit you can get. Click this link to take a short four-question quiz. Or just give us a call. We’d love to help you buy a home.