A little known way to save $2,000 every year
The Tennessee Housing Development Agency [THDA] provides home financing opportunities for low and moderate income families to promote affordability.
You’ve probably heard of their Great Choice and Down Payment Assistance programs which have helped thousands of Tennesseans become homeowners over the last thirty years.
Have you heard about their Take Credit MCC program?
I didn’t think so.
I was in the same boat as you yesterday, until I attended a meeting with the THDA at the Greater Nashville Realtors.
Take Credit is administered by the THDA and was authorized by Congress in the 1984 Tax Reform Act.
Unlike the other programs at THDA, this is not a loan.
This program allows you to take up to a $2,000 credit on your Federal Income Taxes based on the mortgage interest that you pay. And you can take a tax deduction on any remaining mortgage interest that you pay.
It’s like getting a 2 for 1 deal on your taxes.
Here’s the catch. [With any government program, there is always a catch]
The Take Credit Program is not eligible on THDA loans.
So, who does this program benefit?
The Take Credit MMC program works best for people who:
- Have moderate to low income
- Can afford to buy a home without down payment assistance
- Want to avoid the higher cost of THDA loans
In Davidson County (Nashville) the household income limits are $96,180 for a family of three or more. And $82,440 for a smaller family. And this includes purchases up to $375,000.
Learning about opportunities like this is one of the reasons why I am happily serving on the Board of the Greater Nashville Realtors. It's one way I can give back to my industry, the community and you.
If you or someone you know could benefit from this program, hit reply so I can get them in touch with a lender that can help them qualify for this program.
The Daily Deal in Nashville is a updated, three bedroom ranch near Opryland that is listed for less than $165,000.