What is the Mortgage Credit Certificate Program?

Mortgage Credit Certificate (MCC)

Mortgage Credit CertificateMore popularly known as the MCC, a mortgage credit certificate is a taxpayer privilege in the US in which the local government issues the said certificate so that the taxpayer can claim tax returns for a part of the mortgage interest paid throughout the whole year. Think of it as a tax refund geared especially toward your mortgage. The premise of this first time home buyer program is for applicants to get a chance to qualify for a loan by giving them the opportunity to offset a part of their total mortgage interest. In short, this serves as some sort of additional monthly income which is used as proof of capacity to pay.

How Do You Qualify for a Mortgage Credit Certificate?

Not all taxpayers, however, qualify for MCC and there are a few criteria to consider if you are thinking of applying for one. Since it is a program meant for those buying a house for the first time, one is automatically disqualified if he has owned a home in the last three years. There is also a provision requiring potential beneficiaries to have a certain amount of fixed income, as well as the ability to meet purchase price restrictions. The new house in question should also be declared as the principal residence.

Most of these conditions are waived in time of great need such as after a devastating natural disaster. In any case, it still remains to be dependent on the decision of the local government involved.

How Do You Apply for a Mortgage Credit Certificate?

Everyone needs a helping hand, even more so those who would be purchasing a house for the very first time, and this helping hand could not come in any better form than that of financial aid. If you qualify for such a certificate, then by all means go and apply for it. By obtaining this certificate, you could expect to qualify for bigger loan amounts, which could translate to a larger first home, depending on what you want and need. If you’re interested in getting a mortgage credit certificate, you can ask for assistance from a reputable real estate agent in your area as most of them are knowledgeable about this.

North Carolina Housing Finance Agency

First time home buyer in North Carolina? Purchasing your very first home in North Carolina should not really be difficult. The North Carolina Housing Finance Agency helps make home ownership easy and affordable for first time home buyers.

North Carolina Housing Finance Agency Programs

They offer the N.C. Home Advantage Mortgage™, which offers competitive financing and forgivable down payment assistance. They also offer Mortgage Credit Certificate, which can reduce your federal taxes by up to $2,000 for every year you live in your home.

North Carolina Housing Finance Agency
3508 Bush Street
Raleigh, NC 27609-7509

Phone Number: 919-877-5700

Website: www.nchfa.com

Capital Area Housing Finance Corporation of Central Texas

The Capital Area Housing Finance Corporation (CAHFC) was established in 1981 to address workforce housing needs in Central Texas. Over time we introduced new initiatives to expand our ability to provide meaningful resources and tools to first-time home buyers, developers, realtors and investors. Today we assist in meeting the […]

 Capital Area Housing Finance CorporationThe Capital Area Housing Finance Corporation (CAHFC) offers first time home ownership programs for the following counties in Central Texas:  Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano and Williamson Counties. They also serve the City of San Marcos.

There are two programs that  Capital Area Housing Finance Corporation offers first time home buyers: Down Payment Assistance Program and Mortgage Credit Certificate Program.