First-time home buyers in New York have an added incentive for entering the ownership market, thanks to a new tax credit equal to 20 percent of their annual mortgage interest.
The New York State Mortgage Credit Certificate, which lasts for the life of the loan, is projected to save some borrowers as much as $30,000 over the years. Eligible buyers must meet income criteria, take out a fixed-rate loan, and occupy the home as their primary residence.
Because the incentive can be used in conjunction with a federal tax credit of $8,000, which expires on Nov. 30, industry insiders believe it will sway many fence-sitters to take the plunge.
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Source: Albany Times Union, Chris Churchill (08/11/09)
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