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Do you know about the MCC?

Posted on July 22, 2013 by Ray Williams (NMLS #216267).

If you haven’t heard about the MCC (Mortgage Credit Certificate) and you are a looking to buy a home, you REALLY need to take the time to find out more and how it can benefit you.  The MCC is available to first-time home buyers OR NON first-time home buyers if purchasing in a targeted area!

It is a tax credit  that reduces the amount of federal taxes liabilities by letting you claim up to 20-50% (%varies on loan amount) of you annual mortgage interest as a tax credit. You are still able to claim the remaining mortgage interest as a tax deduction. So it is a double bonus!

By adjusting your withholdings, this means more money in your pocket! Who wouldn’t want more $$$ in their paycheck?  Yes, there are income and purchase price restrictions (click here for guidelines).  The purchase price and income limits are higher for targeted areas.

Again my question is, “if you qualify for an MCC, why wouldn’t you get an MCC?”  What are you waiting for? Contact us to find out more.  Or click here to get pre-qualified.

~Cheers,

Ray Williams

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