What types of home-buyer tax credits are available?

In Virginia, individuals who are looking to purchase their first home may be eligible for a tax credit that helps cover a portion of their mortgage. The Virginia Homeowner Tax Credit provides a tax credit up to $700 for qualified buyers. This credit is available for individuals who are purchasing a home in Virginia, and have a household income equal to or less than the median state income. In addition, individuals who are purchasing a home in Virginia may be eligible for the Mortgage Credit Certificate (MCC). The MCC is a federal tax credit that is available to qualified home buyers who purchase a home in Virginia and have an annual household income at or below the median state income. The MCC offers a tax credit of up to 20% of the home buyer’s annual mortgage interest expense. Lastly, individuals who are purchasing a home in Virginia may be eligible for the Home Advantage Tax Credit. The Home Advantage Tax Credit is a state program that provides assistance in the form of a tax credit up to $2,500 for qualified buyers who purchase a home in Virginia. The tax credit is available to households with income at or below the median state income, and can be used to help cover a portion of the home buyer’s closing costs. These are a few of the home-buyer tax credits available in Virginia. To learn more about these tax credits or to determine if you may be eligible, it is recommended that you contact your local Virginia Department of Taxation or speak with a tax professional.

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What types of home-buyer tax credits are available?

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