The Mortgage Credit Certificate Program is available to individuals purchasing a primary residence in Texas. Each year when you file your federal tax return you will receive a credit equal to 35% of the interest paid on your mortgage, capped at $2,000 per year!
Household Income Limits vary by county.
Galveston County Income limits are:
1-2 persons - $76,560
3+ persons - $89,320
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits.
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
There are various tax credits and loan programs out there which many people may not know about. I will help you find the program that best fits your needs and assist you in getting the right mortgage. There is no cost to find out if you qualify. To find out more call HomeWay Mortgage at 281-565-8500 or Click Here to Apply