Home Buyer Tax Benefits The IRS is full of surprises—and not just the bad kind. Owning a home unlocks some sweet tax benefits that can lighten your financial load: • Mortgage Interest Deduction: One of the most valuable perks of homeownership is the ability to deduct mortgage interest from your taxable income. This deduction is valid for up to $750,000 of mortgage debt ($375,000 if married filing separately). • Mortgage Points: Bought down your interest rate by prepaying mortgage points? Good for you! Those points are deductible, too, assuming the loan is for your primary residence. • Mortgage Credit Certification (MCC): Designed to help lower-income buyers, this IRS-administered program can refund up to 30% of the interest you pay as a tax credit. That’s real money back in your pocket, folks. • Home Energy Tax Credits: Thinking green? Energy- efficient upgrades like solar panels, new HVAC systems, or insulated windows can net you credits up to 30% of your improvement costs through 2032. Save the planet and save some cash—win-win! Other Loan Products Here’s where things get spicy. Beyond the basics, there are loan products you might not even know exist: • Conventional Loans: The classic choice for buyers with strong credit and a decent down payment (often 5–20%). These loans typically come with fewer restrictions than government-backed options. • FHA Loans: Great for first-time buyers with limited savings or less-than-perfect credit. These require just
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