Mortgage Credit Certificate (MCC)
The MCC (Mortgage Credit Certificate) Tax Credit is a federal credit which can
reduce potential federal income tax liability, creating additional net spendable
income which borrowers may use toward their monthly mortgage payment.
Because it is a tax credit and not a tax deduction, mortgage lenders will often use
the estimated amount of the credit on a monthly basis as additional income to help
the potential borrower qualify for the loan.
Who is eligible to apply for this program?
until the home is sold or refinanced.
- You must be a U.S. citizen, permanent resident or other qualified alien.
- Be a first-time home buyer.
- Exception to first-time home buyer requirements: Home is located in a
federally designated targeted area
- Qualified veterans pursuant to the Heroes Earning Assistance and Relief
Tax Act of 2008
- You will need to meet credit, income limits and loan requirements of the
- You will need to live in the home you are purchasing for the entire term of
the loan, or
The sales price of the home must be less than the allowable sales price limits in
in which you are purchasing a home.
There is a five acre maximum on the size of the property.
The home must be a single family residence (detached).
The home can be a detached unit within a planned unit development (PUD).
The home can be a condominium or attached unit in a PUD.
Property must meet the requirements of the Lender and the mortgage
Guest houses, granny units and in-law quarters may be eligible
How do I apply for this loan program?
Mortgage products are offered through private loan officers who have been
approved & trained by our Agency.
These loan officers can help you find out more about this and other available
programs and guide you
through the home buying process.
- Please note that a Mortgage Credit Certificate may have a significant
impact on your federal tax return. -
We urge you to contact a tax professional if you are considering purchasing a
home using a Mortgage Credit Certificate.
What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have the documents on
the list below to help answer questions that loan officers’ may ask you:
- Pay stubs
- Bank statements of all your bank and investment accounts for the most
recent two months
- Income tax returns for the most recent two years
Carmen Gutierrez's Website
Realtor/Loan Officer with
Mark 1 Real Estate and Mortgage
|Carmen G. Gutierrez
Real Estate Professional
with One West Realty
& FundRite Mortgage
B.R.E. Lic.# 01193488
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