First time home buyers in Wisconsin may be eligible for the WHEDA Tax Advantage, a Mortgage Credit Certificate (MCC) Program. The program provides a special tax credit to qualified borrowers, which reduces their federal income tax liability over the entire life of the mortgage.
This program is available to borrowers through financing from a WHEDA approved mortgage lender, such as myself.
FEATURES
- Annual tax credit is 25% or 40% of annual interest paid for target areas or veterans
- Max annual tax credit up to $2,000 for life of the mortgage
- Available to WHEDA borrowers and non-WHEDA borrowers
BORROWER ELIGIBILITY
- Available to first-time* home buyers and the following exceptions:
- Borrowers in a Targeted Area
- Veterans
- Purchase price less than $250,000
- Income Limits
*First-time home buyers are defined as not having owned a home in the last 3 years.
PROPERTY ELIGIBILITY
- 1-2 family primary residence
- 2 units must be more than 5 years old
- Condominiums
Contact me for more information!
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