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Colorado, like many other states, offers a variety of home buyer assistance programs. These programs are designed to encourage home ownership through helping qualified home buyers with down payment assistance and special tax reduction programs. Down payment assistance programs are numerous in Colorado but knowing which one is best for you can be a challenge. CHFA (Colorado Housing & Finance Authority), CHAC (Colorado Housing Assistance Corporation), Funding Partners, RMCLT (Rocky Mountain Community Land Trust) and others, are non-profit organizations that provide a wide range of down payment assistance options. How do you determine which one is best for your situation? You need a Loan Officer who has experience with each of these programs. The first step is to complete a mortgage application and one of our experienced Loan Officers will determine which programs you qualify for and which programs provide you the highest benefit. What are the tax reduction programs and are they available throughout Colorado? Yes, they are called, MCC (Mortgage Credit Certificate) programs. What these programs provide is an increased tax deduction. They do this is by providing a qualified homeowner (who purchases their home under this program) a higher mortgage interest deduction for the life of their loan. How can I benefit from the MCC tax deduction progams right away? By lowering the amount of withholding tax taken from your paycheck by the amount of your MCC deduction (after consulting with your tax advisor) you can increase the amount of take home pay you have each month. Adjusting the amount of your withholding tax as soon as you receive the certificate will allow you to take the full benefit right away, instead of waiting until you file your taxes at the end of the year. You can always count on Air Academy Mortgage to participate in all the special programs designed to assist home buyers. Apply Here to begin the process of applying for one of these programs through Air Academy Mortgage.
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