Michigan Mortgage Credit Certificate

What is Michigan mortgage credit certificate? It is commonly referred to as ‘MCC’ and is a housing assistance project that helps home buyers by allowing a tax credit to them. The program is designed to offset a portion the interest to help new home buyers qualify for a loan. The MCC service highly depends in which state you hail from.

The program becomes successful through the participation of authorized lenders by the state
on a first come, first served basis.

How does the Michigan mortgage credit certificate work?

Firstly, eligible borrowers must meet the Michigan State Housing Development Authority income and sales price limit. In addition to that, prior home ownership is a restriction. A hom ebuyer enjoying the MCC program has the ability to part away with 20% of the annual mortgage interest paid annually. This can be credited to their end of year tax liability. The guidelines of the MCC may waiver at times depending on the state due to calamities such as a hurricane to ensure that the development is being spurred with speed.

How to Get the Michigan Mortgage Credit Certificate

Initially, you must be a qualified Michigan state resident but nevertheless there a few guidelines that must be met. They include;-

– The new home must be used as a primary residence.

– Income and purchase price restrictions must be met by the new buyer.

– Within the previous three years the buyer should not have owned a home.

– Family residence mus be single.

– The applicant must have 300 $ to enroll in the program which is not refundable.

– Cost of the home should be within the range set for the county in which the property is located.

Within the above guidelines at hand, it is much easier obtaining the Michigan Credit Certificate that will ensure you enjoy tax credit rather than deduction. In a close-up, get your copy now and own your dream home in Michigan.

Michigan Down Payment Assistance Programs

In Michigan, there are various Michigan down payment assistance programs which help low and moderate income residents buy homes. These programs are administered by public agencies which operate with federal and state funds. The people who primarily benefit from these programs are the people who are unlikely to afford buying new homes and hence require assistance. To be eligible for these programs applicants are required to meet certain conditions which are stipulated depending on the program one applies.

Some of the popular down payment programs in Michigan include the one provided by the Michigan State Housing Development Authority. This program provide applicants with a maximum of seven thousand and five hundred dollars for down payment, closing cost and home inspection. This amount does not require to be paid in monthly installments like in normal mortgages. Instead, beneficiaries of this program only have to pay if they change ownership of their homes. Some of the conditions in this program include; applicant should have incomes below 80% of Michigan median income, applicants must attend buyer education course and applicants must fund at least one percent of the closing cost. Another popular down payment assistance program in Michigan is the one provided by Jackson Affordable Housing Corporation which provide applicants with a minimum of one thousand dollars and a maximum of two thousand dollars to purchase homes in the city. Graduate Purchase Assistance is also a popular program and it helps applicants who have graduated from college within a period less than three years and have earned associate, bachelor’s, master’s or doctorate degrees.

Besides meeting all the requirements to qualify for the various down payment assistance programs in Michigan, it is also important to apply correctly. One of the most important aspects of filling these applications is that one needs to provide truthful information. This is because the authorities that approve the applications do their own investigation and they deny applications if they find untruthful information. It is also paramount to fill all the required information in the right way without omiting anything since this can also lead to the application being denied. Therefore, people wishing to buy homes in Michigan can readily benefit from the various Michigan down payment assistance programs provided they meet the necessary requirements and they apply in the right way.

Below is a list of Michigan Down Payment Assistance Programs: