As a premier Raleigh Mortgage Broker, the Martini Mortgage Group is thrilled to offer an exclusive opportunity for first-time home buyers in Raleigh and across North Carolina. Partnering with the North Carolina Housing Finance Agency (NCHFA), we proudly present the NC Home Advantage Tax Credit, a transformative step towards homeownership.
Maximize Your Savings with the NC Home Advantage Tax Credit
The NC Home Advantage Tax Credit, also known as a Mortgage Credit Certificate (MCC), is a game-changer for eligible buyers. It offers a substantial federal tax credit – 30% on existing homes and an exceptional 50% on new constructions. This means potential annual savings up to $2,000 on your federal taxes, making homeownership more affordable and accessible.
Eligibility Criteria for the NC Home Advantage Tax Credit
To qualify for this exclusive tax credit offered by the Martini Mortgage Group in collaboration with NCHFA, you must meet the following criteria:
- Your new home must be in North Carolina and will be your primary residence within 60 days of closing.
- You are either a first-time home buyer, a military veteran, or purchasing in a targeted census tract.
- Your income and the home’s sale price must fall within the specified limits.
- You must be a permanent legal resident of the United States.
- The property being purchased should be eligible (e.g., Single-Family Home, Townhouse, Condominium, Manufactured).
Income and Sales Price Limits Across North Carolina
Based in Raleigh, the Martini Mortgage Group serves all 100 counties in North Carolina. The sales price limit for the NC Home Advantage Tax Credit is $480,000 across these counties, with the income limit varying based on county and household size.
The core of the Triangle of North Carolina, also known as the Research Triangle, is made up of four counties: Wake County, Johnston County, Durham County, and Orange County. Below are the income limits based on household size:
| COUNTY | Households < 2 | Households > 3 |
| Wake County | $117,000 | $134,000 |
| Johnston County | $117,000 | $134,000 |
| Durham County | $116,000 | $133,000 |
| Orange County | $116,000 | $133,000 |
Deciphering Tax Credit vs. Tax Deduction
Kevin Martini, a Certified Mortgage Advisor and renowned Raleigh Mortgage Broker, explains the difference between a tax credit and a tax deduction. While a tax credit directly reduces your tax bill, a tax deduction lowers your taxable income. This distinction is crucial in understanding how the Mortgage Credit Certificate (MCC) benefits you.
How the Mortgage Credit Certificate (MCC) Works
For example, on a $148,000 mortgage at a 4.5% interest rate, your first-year interest payment could be around $6,660. The MCC allows a federal income tax credit of $1,998 (30% of $6,660) for that year. Additionally, you can claim a mortgage interest deduction on the remaining 70% of the interest paid.
Advancing Your Financial Freedom with Kevin Martini
Kevin Martini is not just a mortgage broker; he’s a visionary in creating generational wealth through real estate. With over a billion dollars in home loans originated since 2006, his innovative approach has revolutionized the consumer-lender relationship in the mortgage industry. Recognized as one of the top 50 Mortgage Originators nationwide, Kevin’s insights are featured in prestigious publications like Forbes and CNET. His dedication to finding the perfect mortgage solutions is evident in his Martini Mortgage Podcast, Instagram, and YouTube channels, where he shares valuable real estate and mortgage insights.
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