A little-known state program that pays first-time home buyers up to $2,000 a year has more than tripled its number of participants in a year says Russ Whitney.Administrators expect an even higher surge of home buyers applying this year as the real estate market strengthens.
The state-run Florida Housing Finance Corp. runs the program, which gives first-time home buyers money back each year based on how much interest they pay on their mortgage.
“It keeps money coming back to home owners.”The tax credit is good for 30 years or the life of the mortgage as part of the Florida Housing Mortgage Credit Certificate Program.
Russ Whitney tells home buyers can use that income to qualify for a loan.Any mortgage interest not counted to receive the credit can still be deducted on federal income tax return.
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