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January 2, 2015

Take advantage of Tax Credits in 2015

It's amazing how many people in Rhode Island have the oportunity to take advantage of a tax credit when they purchase a home, but don't know it.    

The credit is for buyers that have not owned or had an ownership interest in a PRINCIPLE residence at anytime in the last THREE (3) years.  (Or you buy in Providence, Pawtucket, Central Falls or Woonsocket whether you owned in last three years or not).  

You receive a MAXIMUM $2,000 tax credit per year FOR THE DURATION OF THE LOAN.  WHAT?  That means if you have a 15 year mortgage is would be a maximum of $30,000 or 30 year loan would be $60,000.  This credit also helps you qualify for more money, because the credit is guaranteed.  

Annual gross household incomes do apply:

1-2 People $86,280

3+ People $100,660.  

The Government has placed $93,000,000 aside for this program.  Once the funds are depleted, the program will end.  

NOT ALL LENDERS are approved for the program.  Check your lender to be absolutely certain they are approved so you can get this credit.  

IT'S A GREAT TIME TO BUY....Low rates, tax credits, oversupply of inventory.  Make 2015 the year you become a homeowner.

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