Mortgage Credit Certificate
Take Advantage of the MCC Credit to Help Finance Your Home
Homes and real estate are worthwhile investments, but financing the purchase of a home can be a daunting experience. Here at Options, we are committed to helping you find ways to save on costs as you finance your ideal home.
Have you heard of the Mortgage Credit Certificate (MCC)? This established program has been around for decades, but it's often overlooked by most mortgage professionals. Some are brokers and some are bankers, many of whom are not certified to offer the MCC to clients.
Ready to find out what savings this program can offer you? Here's everything you need to know about the Mortgage Credit Certificate.
Am I Eligible for the Mortgage Credit Certificate (MCC)?
While there are exceptions, generally you can qualify for the MCC credit if:
- You have not owned a home in the past three years;
- You meet income and purchase price restrictions; and
- You intend to use your new home as your primary residence.
I'm Eligible, Great! How Do I Use the MCC Credit?
- The MCC Credit can be used with conventional, FHA, USDA, and VA home loans.
- The MCC works like an itemized tax credit. MCC reduces your federal tax liability, dollar-for-dollar, by a percentage of the mortgage interest you pay.
- With a tax credit, employees can change their withholding status with an employer in order to take home more of each paycheck.
This Sounds Too Good To Be True; What Other Details Should I Know?
- Depending on your state and local government, the amount of mortgage credit allowed varies.
- The IRS caps the MCC at a maximum of $2,000 per year if your state's rate is over 20%.
- You can continue to receive the MCC tax credit for as long as you live in the home and retain the mortgage!
A home is where you live and build memories – so it's important to know all your options when you're ready to purchase or refinance your property. Let Options Financial help you explore the Mortgage Credit Certificate to see if you qualify, because the MCC credit could help make the home of your dreams a reality.
If you are interested in how you can benefit from a Mortgage Credit Certificate, please contact us. This is just one example of the kind of assistance that our clients can expect from Options Financial, resulting in confidence, wealth, and the power of knowing when it comes to purchasing or refinancing your home.
Learn Even More About the Mortgage Credit Certificate
Watch this helpful, short video to learn how the Mortgage Credit Certificate can help you with the purchase of your next home.