All Veteran home buyers are eligible to apply for the Colorado Home Buyer Tax Credit, which will give you a dollar-for-dollar reduction of your tax liability at the end of the year. We see an average of over $100/month off our Veteran’s mortgage interest through the tax credit. This is a way to save substantially on your Colorado VA Loan.
The discount is not a monthly reduction of your mortgage interest, but a tax credit that you claim each year when you file your taxes.
I want the tax credit, how do I qualify?
Qualifying is easy, there’s just one simple form to fill out, then we will handle the rest of the paperwork. Here are some details on how you can qualify:
- 620 minimum credit score
- Primary residence only
- Must fall under county income levels – call us for current limits!
- You can claim the tax credit for every year you live in the home for the life of the loan
- Credit can be rolled forward and claimed up to 3 years
- Non-veteran first time home buyers also can qualify
- $450 additional fees for this program
- Must take state-approved home buyer education class
|Loan Amount||MCC%(% of mortgage interests)||Limit|
|$150,001 and up||20%||No Limit|
|$100,000 or less||50%||$2000|