Endless opportunities to meet all your home loan needs.
Our Mortgage Credit Certificates provide low to moderate income individuals and families the financial stability to afford better housing opportunities. By reducing the amount of federal income tax you pay, you will have more available income which allows you to qualify for better loan programs. It also allows you to have more expendable income to assist in mortgage payments.
More benefits of Mortgage Credit Certificates:
- Income tax reduction
- Annual mortgage interest credit
- Active for entire duration or mortgage
- 80% of your annual mortgage qualifies as an itemized tax deduction
Why choose a Mortgage Credit Certificate (MCC)?
The MCC supports low to moderate income families by allowing a reduction on federal income tax requirements. This raises the qualification and approval potential for a home mortgage by increasing your expendable income. It also supports your ability to afford your mortgage payments.
With an MCC, up to 20% of the annual interest you’ve paid could be credited back to you. If your monthly interest payment is $1,000, your yearly interest will accrue to $12,000. With the MCC, you could receive $2,400 (20% of $12,000) back.
After the 20% interest credit, the rest of the 80% of your annual mortgage interest is tax deductible. In other words, if your annual mortgage interest amounts to $1000 then $200 of that interest gets credited back to you and the remaining $800 qualifies as a tax deductible.
If you receive a 30 year loan, the MCC benefits will apply for the entire duration of the loan until it is fully paid.
Here are some essential tools and documents to help you begin the process of purchasing a home:
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