What are the MCC requirements?
Federal, IRS, and state regulations apply to everyone who obtains an MCC. These include:
1) Cannot have had an ownership interest in a principal residence at any time in the last three
years, unless you apply for a loan in an area designated as economically distressed. In these areas
designated as economically distressed , you do not have to be a first-time homebuyer.
2) The home you buy must be located in the Eligible Loan Area and used as the homebuyer’s
principal residence after they obtain the mortgage.
3) The mortgage loan must be a new loan, not the refinancing of an existing mortgage loan or
land contract.
4) Cannot exceed the income and purchase price limits established

Show All Answers

1. What is an MCC?
2. What is the difference between a “tax credit” and a “tax deduction”?
3. How does the Homebuyer realize the increase in “home-buying power”?
4. What happens if a qualified Homebuyer cannot use the entire amount of the MCC credit?
5. Will a Homebuyer qualify if they are not a First-Time Homebuyer?
6. Can a Homebuyer apply for a MCC after they have closed on their mortgage?
7. What loans types can be used with the MCC?
8. Does the Mortgage Credit work like the Earned Income Credit?
9. Does a Homebuyer lose their credit if they refinance their mortgage?
10. How does the Mortgage Credit Certificate work?
11. How do you figure the tax credit the Homebuyer can receive?
12. Where does a Homebuyer obtain an MCC?
13. How long does the credit certificate last?
14. What are the MCC requirements?
15. What are income and purchase price limits?
16. What kinds of properties are eligible?
17. How does a homebuyer apply for an MCC?