Virginia First Time Home Buyer Tax Credit

You can subtract this income from your federal adjusted gross income to figure out your virginia adjusted gross income. Boost the tax benefits of owning a home.

Previously you must understand the background of Credit and get some Virginia first time home buyer tax credit references in other articles on this website.

Eligible first time buyers can receive a dollar for dollar credit through this program sponsored by the virginia housing development authority vhda.

Virginia first time home buyer tax credit. It seems virginia housing has made them even better with this program. Buying a home with affordable virginia housing financing. We offer loans for first time homebuyers and we have some programs for repeat homebuyers as well.

Down payment requirements start at just 3. The standard 3 5 fha down payment can be brought. The vhda has struck a special deal with fannie mae with this program which is designed for first time and repeat homebuyers with a credit score of at least 640.

Income produced by a first time home buyer savings account such as interest and capital gains that is taxed by the federal government is not taxable by virginia. Unlike an income tax deduction an mcc is a dollar for dollar credit against your federal income tax liability. Owning a home has always come with tax perks but virginia has just sweetened this usual benefit of homeownership with a new program called the mortgage credit certificate mcc.

What is a first time home buyer savings account. A federal tax credit to help first time homebuyers there s a federal tax credit that could mean thousands of dollars in savings for virginia s first time homebuyers. Fha backed loans are the go to mortgage program for first time home buyers.

Virginia housing has helped hundreds of thousands of virginians buy a first home. The affordable monthly payment and discounted upfront cost is great but it s the insurance benefit that really shines. If you re buying your first home a mortgage credit certificate mcc from virginia housing could save you thousands of dollars by reducing the amount of federal income tax you owe.

Yes virginia there is a new tax perk for first time buyers. It s called a mortgage credit certificate or mcc and it s from vhda. An mcc from vhda could reduce the amount of federal income tax that a first time buyer has to pay.

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