The Home Start Homebuyer Tax Credit of up to $2000/year for first time buyers (or second time buyers buying in targeted communities) is available through NHHFA (NH Housing Finance Authority). In order to participate, you must apply for a Mortgage Credit Certificate through NH Housing at the time you are purchasing your home. The fee is up to $550 (discounted to $250 if your mortgage is a NH Housing product). You must appy for the MCC before you close on your loan!
If you are buying in NH and want to know more about the tax credit call Renee Duval from Merrimack Mortgage Company at 603-225-LOAN (5626). Or email Renee Duval using this link.
The tax credit is a direct dollar-for-dollar reduction in your federal taxes -- up to $2000/year!! You receive the credit for as long as you continue to live in the home and remain eligible. The actual credit is equal to 35% of the interest paid or $2000 (whichever is less).
Income Limits apply and maximum sales prices apply. Click here for link to find those limitations.
The following targeted areas allow the tax credit to go to people who are not first time buyers: Berlin, Claremont, Concord, Dover, Gofftstown, Laconia, Lancaster, Littleton, Manchester, Newmarket, Pittsfield, Portsmouth, Rochester, Somersworth & Whitefield.
Author: Renee Duval – A Certified Mortgage Professional (CMP) with the
NH Mortgage Bankers & Brokers Association. NMLS# 97937.
Merrimack Mortgage Company is an Equal Housing Lender, Licensed by
Massachusetts and the NH Banking Department . Mass Lender MC2561-119. The blog is Renee's opinion and not necessarily the opinion of her employer. This is not meant to be tax or legal advise.
