Mcc Mortgage Program California
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Mortgage Credit Certificate Program 5 Rev. 8-2018 For lenders combining an MCC with the N.C. Home Advantage mortgage program, all MCC eligibility criteria in this manual (borrower eligibility, income limits, sales price limit and NCHFA required forms) are required. All MCC rules, guidelines. Calculate the amount or remittance you can expect to receive as your annual mortgage credit certificate, or MCC. State and local governments operate MCC programs to provide incentive for residents to own homes. An MCC allows the homeowner to deduct a certain portion of his mortgage interest from his yearly taxes, lessening his overall tax burden. The MCC Program offers qualified first-time homebuyers a federal income tax credit. The federal credit can reduce potential federal income tax liability, creating additional net spendable income for qualified first-time homebuyers to possibly use toward their monthly mortgage payment.
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- 1 FHA Alternatives
- 2 Can Taxes You Pay on Your House Be Deducted on Your Federal Return?
- 3 Get a First-Time Homeowner's Loan
- 4 About Property Tax Deductions
It should come as welcome news to homeowners in states such as California that median home prices have been improving. According to a July 2012 article in the Los Angeles Times, California median home prices are at their highest in four years at $281,000. Of course, with median home prices in California increasing it could be more difficult to become a homeowner. Fortunately for first-time homebuyers, the Golden State offers a tax credit to help achieve the homeownership dream.
MCC Tax Credit
The California Housing Finance Agency is offering the state's first-time homebuyers a mortgage credit certificate it calls MCC. CalHFA's MCC program lets first-time California homebuyers convert part of their annual mortgage interest into a dollar-for-dollar credit on their tax returns. The MCC is a federal tax credit that effectively reduces a first-time homebuyer's federal tax liability, thus creating additional income. With the MCC creating additional income for the first-time homebuyer, qualifying for a home loan should be easier.
MCC Program Particulars
California's MCC tax credit is available in all areas of the state not covered by similar county or municipal programs. Income limits of $71,400 for one- to two-member families and $81,110 for families of three or more apply when it comes to MCC. In addition, home sales price limits for MCC are determined within each California county. To make it easier for Golden State first-time homebuyers to use MCC, the credit can be applied to all conventional and government-backed mortgages.
Combining Other Assistance
California is serious about getting hopeful first-time homebuyers into homes because it's allowing them to combine MCC with other programs. For example, the California Homebuyers Down Payment Assistance Program can be combined with MCC. Using CHDAP down payment and closing costs loans and the MCC tax credit, a California first-time homebuyer is in a good position to qualify for a mortgage. Only CalHFA MCC approved lenders can administer MCC and they know best how to combine it with CHDAP.
Verification and Recapture
MCC defines first-time homebuyers as people that haven't owned a primary residence in the past three years. When you apply for MCC, your last three years of tax returns may be required to prove you haven't claimed mortgage interest deductions. The MCC tax credit is good for the term of your first mortgage loan. Note, however, that the IRS might make you repay a portion of your MCC tax credit if you sell your home within nine years of your purchase.
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About the Author
Tony Guerra served more than 20 years in the U.S. Navy. He also spent seven years as an airline operations manager. Guerra is a former realtor, real-estate salesperson, associate broker and real-estate education instructor. He holds a master's degree in management and a bachelor's degree in interdisciplinary studies.
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