Introducing the Mortgage Credit Certificate
ADVANTAGES OF THE MCC TAX CREDIT
- Provides for a federal income tax credit
- Tax Credit can be taken year after year
- Anticipated tax credit can help home-buyer's qualify for initial mortgage loan.
How to Qualify
In order to receive this tax credit the borrower must apply with an approved lender. Megastar Financial is an approved lender for the MCC tax credit. Most lenders are not aware of this credit and are not qualified to give out the credit.
The borrower must apply for the tax credit prior to closing their mortgage. If the credit was not approved prior to closing the loan, the borrower will not be able to take advantage of the credit.
There is a $350 application fee that the MCC charges to apply for the credit. Below are the qualifications:
- Borrower must be a 1st time home buyer
- Family's household income must meet the annual income limits set by the state.
- Purchase in a qualified targeted Area