New MCC Tax Program can save your buyer approx $200 per month in payments

The Mortgage Credit Certificate (MCC) Tax Credit can save your buyer up to $200 each month in tax savings.

 

This program allows qualified first time home buyers to get a 20% tax credit of the interest expense on the home loan.  This is a n annual dollar for dollar savings back to your buyer.

 

Example:

$240,000 Loan Amount with a 5% rate, means the buyer will pay $12,000 in interest for their loan.  The 20% tax credit would give the buyer $2400 on their federal income tax return.  This would be equal to a $200 reduction in their monthly house payment. 

 

BUYER QUALIFCATIONS

1. Must be a first-time home buyer

2. Must complete a Housing Commission sponsored homebuyer education course

3. Income limits of $80,000 for 1 and 2 person family, and $90,000 for 3+ family size

4. Must occupy the property as your primary residence

 Call us for details.