What is a Mississippi mortgage credit certificate? It’s a tax credit for a part of the mortgage interest paid over a given tax year.
How does the mortgage credit certificate work in Mississippi and who qualifies?
Mississippi mortgage credit certificate has its own principles. So for you to qualify, you need to be a first time home buyer. Furthermore, Mississippi does have a provision for those who have not owned a primary residence for 3 years are eligible. The property has to be your primary residence.
First, find a lender who offers a mortgage credit certificate. Not every lender knows about this program. Once you find a particular lender that that knows the about the Mississippi Tax Credit you can move forward. You can also find participating lenders online.
Mortgage credit certificates encompasses restrictions to the income you earn. Precisely, your income is a deciding case. Consider a person living in Mississippi. They are enforced to set up an utmost family income of $108.220. Whereof, check the resource list to certify that you qualify.
Hence, whenever you are shopping for mortgages, check with your local government to affirm that you meet mortgage credit certificate proviso. Do you know that you can refinance your mortgage credit certificate? Henceforth, a new one will be reissued and thus save you from losing your tax benefits. It’s probable to resell your home after a few years of acquisition. Wherefore, you are obligated to repay mortgage credit subsidies as stated in the certificate. Ahead of applying for your new condo, verify that the lender is authorized to lend with mortgage credit certificate.