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Hernando, Olive Branch, Southaven, Nesbit & Walls in Desoto County
Mississippi
Also Tate, Tunica and Marshall Counties |
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Mortgage Credit
Certificates
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Q: |
What is the
Mortgage Credit Certificate program? |
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A: |
The Mortgage
Credit Certificate program allows first-time home buyers
to take advantage of a special federal income tax
credit. This program allows buyers credit in qualifying
for the tax advantage they'll receive after they
purchase the home.
The amount of the credit is tied to a local formula
that every city with an MCC program must follow. An MCC
credit, which can total $2,000 or more, reduces the
borrower's federal tax liability by an amount tied to
how much one pays in annual mortgage interest. Both the
borrower's income and the purchase price of the home
must fall within established guidelines.
To see if your community has an MCC program, call
your local housing or redevelopment agency. You also may
inquire with your real estate broker or the local
association of Realtors. |
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Q: |
Are there tax
credits for first-time home buyers? |
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A: |
Many city and
county governments offer Mortgage Credit Certificate
programs, which allow first-time home buyers to take
advantage of a special federal income tax write-off,
which makes qualifying for a mortgage loan easier.
Requirements vary from program to program. People
wanting to apply should contact their local housing or
community development office.
Here is a list of four general requirements to keep
in mind:
* Some credit may be claimed only on your owner-occupied
principal residence.
*There are maximum income limits, which vary by locality
and family size.
* You must be a first-time home buyer, which means you
must not have had any kind of ownership interest in a
principal residence during the past three years. This
restriction may be waived, however, if you are buying
property within certain target areas.
* Allocations must be available. A local MCC program may
have to decline new applications when it runs out of
funds. |
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Q: |
What are the
rules for mortgage credit certificates? |
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A: |
To qualify for
a mortgage credit certificate, both your income and the
purchase price of the home must fall within established
city guidelines. These guidelines vary by city but
generally only permit people who earn an average income
or slightly higher than average income.
A limited number of cities have authorized the MCC
program. Contact your municipal housing department for
more information. |
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Cara O'Bryant
Realtor Associate
Licensed
in Mississippi & Tennessee
901-212-0047
 Bob Leigh & Associates Realtors, LLC
6900 Cobblestone Blvd
Southaven, MS 38672
662-890-9696
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