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NYS just passed this First Time Home Buyer's Credit for homes purchased in the State of New York! Known as the Mortgage Credit Certificate ( MCC), this allows homeowners to deduct 20% of their annual interest paid on the mortgage off their Federal Taxes! This is a credit not a deduction which is money directly off your taxes and in your back pocket!

SONYMA ( State of New York Mortgage Assoc) Income and purchase price limitations apply. For more information, go to

http://nyhomes.org/index.aspx?page=898

I am learning more about it myself as it just became news. Let me know if there are any particular questions you have and I will run it by the bankers for the answers! Thanks for reading my blog!

Posted by Karen Jones on August 11th, 2009 5:32 AMPost a Comment (0)
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