Big break for first time home owners in RI

A home for sale. (WPRI 12 file photo)

There is a brand new tax credit available for first time home owners in the Ocean State.

Just released on July 1, the FirstHomes tax credit allows first-time homeowners, or someone who hasn’t owned a home in three years, to collect a big tax return every year.

DSC_0419The credit is equal to 20% of the mortgage interest paid during the year. With a maximum return of $2,000 and an average of $1,600, there are endless possibilities for the extra cash.

With this added bonus and great rates, there is no reason you shouldn’t be considering owning your first home.

“It’s a great time to buy right now. Prices are low, interest rates are at a historic low, and we expect both are going up,” said Richard Godfrey, the executive direct at Rhode Island Housing.

Anchor Financial Mortgage, Inc. is happy to check your eligibility for this deal and connect you with other benefits offered through Rhode Island Housing.

Exclusion from this credit is determined from the combined total income of the household and the purchase price of the home. In addition, there are a few exempt neighborhoods in Providence and Pawtucket.

For more information, click here.

 

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