mortgage credit certificate program

Profile picture for tai pham
Hi, i am first home buyer & i wonder if you could explain more for me how it works?  here is message( if you sell home with in 9 years,you have to pay recapture tax which equals lesser of:half gain from the sale of the home, or tax base on somewhat complicated formula & several condition can exempt you from the recapture tax) the tax credit that you can claim is 20% of interest paid annually. What do you think? thx.
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May 15 2010 - Chula Vista
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Answers (1)

Profile picture for Marvinloans


Great program to take advantage of.  Typically the 20% are for particular census tracts so most buyers will usually get the 15% credit which is still very good.

That's $150 back for every $1,000 in interest paid per month or $200 at 20% so go for it because it is unlikely you will need to pay back any re-capture within the first 9yrs. due to the income exemption alone which increases every year. 

Good luck.

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May 18 2010
 

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