1. Tax Breaks: Deduct the interest you pay on your mortgage, proprty taxes, and other costs.
2. Gains: A study by the National Association of Realtors found that a typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity: Money paid for rent is money you will never see again, mortgage payments let you build equity ownership interest in your home.
4. Savings: Building equity in your home is a ready made savings plan.
5. Predictability: Fixed rate mortgages do not go up over the years.
6. Freedom: The home is yours and you are able to benefit from your investment.
7. Stability: Participate in community activities, establish lasting friendships, and offers your children the benefit of educational continuity.
Sunday, July 26, 2009
Thursday, July 16, 2009
New Program for Using $8K Tax Credit for Downpayments
How the New MassHousing Program Works
1. Homebuyers who are using a MassHousing loan to purchase their first home apply for the loan program through their lender
2. The loan is used to cover closing costs or as part of the downpayment
3. In 2010, the homebuyer claims the $8,000 tax credit on their 2009 federal tax return
4. The homebuyer then repays the MassHousing tax credit loan
* No interest is charged if the loan is repaid by June 1, 2010
* Otherwise, the loan is amortized over the next 10 years, at the same interest rate as the first mortgage
1. Homebuyers who are using a MassHousing loan to purchase their first home apply for the loan program through their lender
2. The loan is used to cover closing costs or as part of the downpayment
3. In 2010, the homebuyer claims the $8,000 tax credit on their 2009 federal tax return
4. The homebuyer then repays the MassHousing tax credit loan
* No interest is charged if the loan is repaid by June 1, 2010
* Otherwise, the loan is amortized over the next 10 years, at the same interest rate as the first mortgage
Subscribe to:
Posts (Atom)