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.