For qualifying buyers in New Hampshire, you can now purchase a Mortgage Credit Certificate from NH Housing. If you have not yet purchased a home, then you may be eligible for this tax credit in conjunction with any loan program. You may also be eligible if you have owned a home and are buying in a targeted community like Manchester or Concord
A tax credit is more than a tax deduction. With a tax credit your tax liability is actually reduced by the amount of the credit. So, if you were to receive a $100 refund, if you had a $2000 MCC then you would receive a $2100 refund. If you were to owe $5000 in taxes then a $2000 MCC would reduce your liability down to $3000. Of course, I am a loan officer, not an accountant. I don’t mean to give tax advise but want you to be aware of Mortgage Credit Certificates. If you contact me about a mortgage loan, and if you qualify, I will show you your options in combining one of NH Housing’s other programs with an MCC.
Because of the tax credit, buyers may qualify for a bigger sales price!!
Income & Sales Price Limits for the Tax Credit
Most Areas:
$90,500 1-2 persons
$104,000 3+ person household
Max sales price $270,000
Targeted areas:
$108,600 1-2 persons
$126,700 3+ persons
Max Sales price $360,000
High Cost areas
Dover, Rochester, Somersworth, Newmarket Portsmouth
$108,600 1-2 persons
$126,700 3+ persons
max sales price is $440,000