Mortgage Credit Certificate

If you are purchasing a home for the first time the lending portion is often the scariest part to start.  There are many programs that are available to you as a first time home buyer.  The Mortgage Credit Certificate is one of those programs.  

Here are some tips about the program from one of our favorite lenders, Chris Long from Equity Resources.

What is an MCC Credit
The Mortgage Credit Certificate or MCC is a program specifically for 1st time homebuyers that is a government tax credit equal to 30% of the annual interest paid on your mortgage. There is a max of $2,000 per year. Most of our clients do get the maximum credit allowed.
**Please note - This must be completed at time of purchase so if you are working with a lender that does not know what this is please give us a call as this Cannot be added after closing.

Basic MCC Credit Requirements
You must be a 1st time Homebuyer (meaning you haven’t owned a home in the last 3 years).  Purchase price under $245,000.  Total household income limits – which will depend on the county in which you are looking to purchase.

How do I apply for one
The only action required by you is to sign 3 forms – 1 to be signed in front of Notary.

How long does it stay in effect
The MCC Credit remains in effect every year you own the home. In fact even if you refinance the note you can transfer this credit to the new loan so it will remain in effect. 
Remain in the home for 30 yrs. you can get up to $60,000 of cash reflected as a tax credit on your tax returns


Don’t miss out on your tax credit. Call Chris Long at 919-615-3152 or email [email protected]
Equity Resources, Inc. * 1330 Saint Marys St, Ste B050 * Raleigh, NC 27605
Licensing Information: Corporate NMLS 1579, NC L-134393-102. Chris Long NMLS 108499.