Mortgage Credit Certificate
Mortgage Credit Certificate = Free Money!!
You can save thousands over the life of the loan with the Mortgage Credit Certificate program! The MCC allows you to claim 20, 30, or 50 percent of the mortgage interest as a tax credit on your annual federal IRS tax returns. The remaining interest paid is still eligible for the home mortgage interest deduction. The Mortgage Credit rate is based on the loan amount.
- 20 percent MCC $150,001 or greater no cap
- 30 percent MCC $100,001 to $150,000 – $2,000 a year cap
- 50 percent MCC $100,000 or less – $2,000 a year cap
Easy to use.
The MCC is flexible. It works with a variety of loan options. You can pair it with:
- Any FHHA/VA/RD//Conventional loan, including longer term ARMs (5/1 our longer)
- The MCC can be reissued (RMCC) should you decide to refinance. We have in-house experts that can help you with the MCC submission process. Only three extra documents required!
- First time home buyers
- Eligible veterans
- Non-first time home buyer rest purchase in in targeted areas
- CHFAA approved home-buyer education required
- Mid credit score of 620
- Must live in the home as a primary residence
- Income and purchase price limits (Targeted areas have different in come and purchase price limits and no first time home-buyer requirements. These areas are determined by census tract.)
- $250 MCC administrative fee
- You could be subject to the Federal Recapture Tax when you sell the home.