“I want to take advantage of incentives for people buying their first home.”
If you are buying a home for the very first time, the process can seem daunting at first. That’s why Mike’s team at MegaStar is here to walk you through the process in an informative, yet efficient way. We’ll pay special attention to finding a loan option that could make your first home more affordable, such as the Mortgage Credit Certificate (MCC) program.
The City and County of Denver offers the MCC program to qualifying first time home buyers, which gives an income tax credit equal to 30% of the annual interest buyers pay on the first year of owning the home. This lets you subtract the amount of credit from your annual total income taxes.
Additionally, you can choose to adjust your W-4 withholding to account for the tax-credit benefit to receive a higher net monthly income, and any excess credit can be carried forward for up to three years. Reach out to our team at MegaStar Financial about the guidelines for the MCC program and see if this is the right fit for you!