Tax Credits For McAllen First Time Home Buyers
Finding ways and means to accumulate the extra cash might appear quite elusive. But a number of tax credits and tax breaks options have been designed to make it easier for buyers to buy their first homes.
First-time buyers can get a tax credit of up to $8000, thanks to the various federal and state grants and other buyer-friendly schemes of the government.
Who can qualify for tax credits?
As per as the rules laid down by the HUD (Housing and Urban Development), only an individual who meets certain conditions can be considered a first-time residence buyer.
A person who hasn’t owned a residence during a tenure of three years, till the day of purchase of the property. The same rules apply to a person’s spouse as well.
Any single parent who owned a house jointly with their former spouse during the time they were married.
Someone who has owned a property, that wasn’t permanently affiliated to any foundation as per the proper regulations.
If a person owned a residence which didn’t comply with the state or local building costs, then the person will be considered as a first-time homebuyer.
Another important thing to note is the difference between tax credit and tax deduction. Often people think both these terms are essentially the same.
However, they’re not. Tax deduction actually reduces your taxable income. But, a tax credit is a reduction in the amount of taxes you owe to the government. You can save a considerable amounts of money with a tax credit.
Tax Credit and Tax Break Options
These are not the only options, there are certain other tax breaks and tax credit policies as well.
Make sure you consider all the tax deductions and tax credits to get the maximum benefit out of these options.
I also have informative guides for ways of getting a loan using VA, FHA, and Conventional loans. There are many unknown tricks to lowering your Interest Rate, reducing what your down payments is, and in some cases Zero down payment with some or all of your closing costs paid for. There are many financing assistance programs out there for Teachers, Miltary, Police, Firefighters, Veterans, and so much more.
I have to know about these to help people and provide clients with enough information to talk with their Mortgage Lender. I also can point you in the right direction to Lenders that are familiar with these programs. Use the contact info below and reach out to me.
I hope this information was helpful for you.
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