Qualified first-time homebuyers in Oklahoma County can now lower their federal tax liability with a Mortgage Credit Certificate from the Oklahoma County Home Finance Authority.
The program allows a direct credit for a portion of mortgage interest up to $2,000 per year for the life of the mortgage.
“The program is an important resource offered by Oklahoma County that make quality housing available to homebuyers,” said District 1 Commissioner Willa Johnson. “By using this credit, Oklahoma County residents can reduce their tax burden and keep more of their hard-earned money.”
The program provides for a credit of 40 percent of the annual mortgage interest paid, not to exceed $2,000.
“In five years,” said District 2 Commissioner Brian Maughan, “homebuyers would be able to save up to $10,000 on their federal income taxes. That savings continues each year for the life of the mortgage.”
Eligibility requirements include being approved for a mortgage and income limits of $60,660 for a family of up to two and $69,690 for a family of three or more. The maximum single-family home price is $215,000. Other restrictions include limited prior homeownership interest, and purchasing the home as a primary residence.