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- Mortgage Certificate Credit Program
A MCC will reduce the amount of federal income tax homeowners pay, thus giving them more available income to qualify for a mortgage. With a MCC, the qualified homebuyer is eligible to write off a portion of the annual interest paid on the mortgage as a special tax credit not to exceed $2,000 each year that they occupy the home as their principal residence. The portion or amount of the tax credit is equal to the mortgage credit rate on the MCC multiplied by the annual interest paid.
This credit reduces the federal income taxes of the buyer, resulting in an increase in the buyer's net earnings. Increased buyer income results in increased buyer capacity to qualify for the mortgage loan. The MCC has the potential of saving the MCC holder thousands of dollars over the life of the loan.
While all homeowners can claim an itemized tax deduction for mortgage interest, you can go a step further with a MCC. A MCC reduces your tax liability, dollar-for-dollar, by a percentage of the mortgage interest you pay.
The cost for the MCC Program is $225 for Package Review Fee and Mortgage Issuance Fee 1% of the mortgage loan amount.
Questions or need additional information? Contact Sharon Gonzalez at 214-953-4122.
Housing & Community Development
Email
406 N. Tennessee St.
McKinney, TX 75069
P.O. Box 517
McKinney, TX 75070
Ph 972-547-7572
F 972-547-2681
Monday - Friday
8 a.m. to 5 p.m.