The Mortgage credit certificate program is a great opportunity to let borrowers pay less federal income tax.
How is this to be done, you ask?
Starting in April 2012 through December 2014, you can take advantage of this program. For first-time homebuyers, to qualify, you cannot have owned a home in the past 3 years; the only exception would be qualified veterans as an eligible mortgagor.
There are a few other factors to qualify:
- You cannot have owned a home in the past 3 years
- Non-targeted family income of two or fewer cannot exceed around $79,300
- A family of three or more cannot exceed more than $91,195 for Non-targeted
- Targeted Families of two or less cannot exceed $95,160
- Families of three or more cannot exceed $111,020 for Targeted
- The maximum cost of the home cannot exceed $370,252 for Non-targeted
- For targeted, no more than $452,531
- You must receive a certificate, which can be obtained through Homebuyer Education at a HUD-approved agency
As far as the type of loan, it must be a fixed rate loan and cannot exceed for more than 40 years.
You may also want to consider doing your homework and finding out who the participating lenders are that support the MCC program.
If you have any questions at all, feel free to contact us. We’ll be happy to answer any questions you may have.