1st Time Home Buyer Saves BIG

Dated: 04/06/2014

Views: 2629

April. 

 What comes to mind when you hear that word?  Is it "April showers bring May flowers" or does April translate to the dreaded word "tax"??  Fortunately for some South Carolina residents, tax time could prove to be less stressful by taking advantage of the South Carolina Mortgage Tax Credit.

 Some Interesting Facts:
As of early March:
Only 8 homebuyers in the tri-county area have taken advantage of this tax credit
Only 43 homebuyers STATEWIDE have taken advantage of this tax credit

What is the South Carolina Mortgage Tax Credit?

Simply stated, this is a program that allows a home owner to take a tax credit for a portion of the 
interest paid on the mortgage for their primary residence.  This means you get to keep more of the money you earn instead of paying it to your mortgage interest.  This is a savings of up to $2,000 per calendar year!  What could you do with an extra $2,000 per year?
Do You Qualify?
- You must purchase a primary residence in South Carolina
- You must be a 1st time homebuyer
or
- Has not owned a home in the last 3 years
- Purchases a home in a "targeted area" 
- t
he homebuyer occupies the home as a primary residence;
and
-household income falls within the income limits for the county in which the primary residence is purchased;
-the purchase price is within the limits established for the county in which the primary residence is purchased.

What are "targeted" counties?
These counties allow a homebuyer, even though not a 1st time homebuyer to take advantage of the SC Mortgage Tax credit, if the borrower does not own another primary residence at time of closing.  If the homebuyer is purchsing a home in a "non-targeted" county, they cannot have owned a primary residence within three years.  See the list below for "targeted vs. non-targeted" counties. 
NON-TARGETED COUNTIES 
The borrower(s) must not have had ownership interest in a principal residence within three years 
preceding the date on which the loan is closed in the following counties: 
 
Aiken Greenwood Lexington Richland 
Anderson Greenville Oconee Spartanburg 
Charleston Lancaster Pickens York 
 
 TARGETED COUNTIES 
 The borrower(s) must not have had ownership interest in a principal residence at the time of closing 
in the following counties: 
 
Abbeville Calhoun Darlington Georgetown Lee Saluda 
Allendale Cherokee Dillon Hampton McCormick Sumter 
Bamberg Chester Dorchester Horry Marion Union 
Barnwell Chesterfield Edgefield Jasper Marlboro Williamsburg 
Beaufort Clarendon Fairfield Kershaw Newberry 
Berkeley Colleton Florence Laurens Orangeburg 


FAQs
How can I determine if I qualify?
Click here to check county, income level and home purchase price limits. http://www.schousing.com/images/ProgramGuideSCMC.03-07-2014.pdf
What lenders participate in the SC Mortgage Tax Credit Program?
Click here to find a lender today!
http://www.schousing.com/library/Homeownership/SCMtgTaxCreditApprovedLenders.pdf
For more detailed information on the SC Mortgage Tax Credit Program click here:
http://www.schousing.com/First-Time_Home_Buyers/mortgagetaxcredit
If you are looking to make the move from rental to ownership, looking to purchase your first home, or looking to purchase a primary residence NOW is the time.  Take advantage of the 
South Carolina Mortgage Tax Credit today and look at the month of APRIL in a new light!  
Contact me today for all your Real Estate needs!
Valerie Ruppe Medkiff

valerie@jacksonstanley.com
 
 
 
Blog author image

Valerie Medkiff

Valerie is a native to the upstate and knows the importance of family, friends and community. Knowing the area so well, she has a great understanding of the local real estate market. She not only wa....

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