Alabama Mortgage Credit Certificate

A mortgage credit certificate (MCC) is a certificate issued by the state to permit a tax payer to have a tax credit from part of the mortgage interest paid for a given financial year. This comes to help first time homebuyers qualify to get a loan by offsetting the previous mortgage and by doing a new one. The Alabama mortgage credit certificate in the same way helps lower income credit seekers to lower their government tax which in turn reduces their income taxes and raises their overall income hence the ability to pay for their property.

How does the Alabama mortgage credit certificate work?

The Alabama MCC is primarily aimed at enabling the low income earners the chance of having their first home loan being approved. Besides increasing their amount of home, it reduces their income tax which leaves them with a higher income after tax. Basically, it grants you a government earnings of up to 35% of the total interest fee you pay for your home’s mortgage loan per year. The Alabama mortgage credit certificate therefore makes it more cost effective to own a home in the state as it lowers your income tax progressively so long as you live in your house. This is made even better by them allowing a dollar-for –dollar government income tax cut that amounts to 20% worth of the home loan interest paid in a year.

How to qualify for Alabama MCC

Anyone is eligible to the Alabama mortgage credit certificate so long as they are purchasing their first home or have never owed a house for the previous 3 years, they are buying the home for themselves and not any businesses or if their income and purchase price fall within the established amounts depending on the area.

Final word

Don’t fret anymore because home ownership has been made easier for you the Alabama mortgage credit certificate way. Just check whether you are within the area of eligibility and apply today. Remember first come first served.

Washington Mortgage Credit Certificate

The Washington Mortgage Credit Certificate is not a mortgage, but a tax credit program which helps to put extra cash on your pocket every month, therefore making it possible to raise more money you’re your monthly mortgage repayments. The tax credit program offered to Washington residents ensures that fewer dollars are withheld from your monthly paycheck. There are many financial institutions which take part in this program hence interested home buyers should choose the one they will work with.

Application Procedure

Application for Washington Mortgage Credit Certificate is processed on first come, first served basis by a network of lenders who have presence throughout the state. The lender you choose will determine if you are eligible, rate of interest, downpayment, closing costs and many more. Depending on how much you qualify, the amount of the tax credit benefit that you will get may vary from one person to another.

Application Fees

Washington Mortgage Credit Certificate application fees are $650. This is a one off payment that is collected when closing.

Qualification Criteria

Washington Mortgage Credit Certificate works only for new home loans only. Refinancing is not allowed, unless when you are seeking for short term financing for bridging which has a term of 2 years or less. The cost of acquiring the residential property should be within the prescribed limits. Each county has acquisition cost limits depending on whether the property is located in a targeted or a non-targeted area.

Eligible Properties

Among the properties which are eligible for Washington Mortgage Credit Certificate are existing- single family homes, homes that are located on targeted as well as non targeted areas and residential properties which sit on native-American trust land. However, it’s imperative to know that not all counties in Washington State have targeted areas. It’s important that the residence be used as a primary residence and not more than 15% of it should be used for business purposes. MCC will remain valid for the entire period


Texas Mortgage Credit Certificate

Texas Mortgage Credit Certificate
Texas Mortgage Credit Certificate

A Texas Mortgage Credit Certificate or TMCC is issued by the government. It lets a taxpayer claim tax credit for a portion of the mortgage interest that they pay in any given year. This program is designed to make it easier for people who want to buy their first home to qualify for a loan.

Qualifying for the TMCC

If you want to qualify for a Texas Mortgage Credit Certificate, there are several criteria that you must satisfy. These relate to factors such as your income and of course, you must be purchasing a house for the first time. Qualified veterans will also be able to benefit. In some situations the criteria may be waived. For example, if your home is destroyed in a natural disaster, you may receive special consideration as a resident of the zone that you live in.

Home Ownership Criteria

People who already owned a home in the last three years will not be able to benefit from this program. If you owned a home but sold it and did not own one for four years or more you may be able to apply for the program. Special consideration may be given to people who want to purchase a home in a disaster zone.


If you want to receive assistance with purchasing your home under the Texas Mortgage Credit Certificate, your income must meet the criteria that has been set out by the government. Usually, your income must be at or below 80% of the median income. The price of the house that you want to buy must also be below a certain limit.

Use of the Residence

If you are not planning to use the home as a primary residence, you will not qualify under the Texas Mortgage Credit Certificate. Once you qualify, the tax credit may be up to 40% of the annual interest that you would pay on your mortgage. A cap of $2,000 is placed on that each year. You may use the program with any type of mortgage that is offered by lenders.

North Carolina Mortgage Credit Certificate

North Carolina Mortgage Credit Certificate is a state backed program which seeks to reduce the amount of federal tax that a person must pay, therefore freeing up income so as to qualify for a home mortgage. This program mainly targets first time home buyers and the home’s purchase price must be within the limits set by North Carolina federal taxation laws and the MHC guidelines.

North Carolina allows home buyers to make a claim on itemized federal-income-tax deduction for interest that is paid on mortgage loan. The program offers a dollar for dollar deduction of the buyers tax liability, the specific amount payable depends on how much was borrowed for the home loan.

To qualify for the MCC program, the applicant must be a first time home buyer or someone who has not owned interest in a residential property for the pat three years. The annual household income of the applicant should not exceed the limits that have been published by the state government. Moreover, the home which is to be bought using the mortgage must be situated within a certain income area. However, first time home buyers are mostly exempted from what is commonly referred to as “target” areas.

Moreover, there are a few requirements which North Carolina Mortgage Credit Certificate must fulfill. The mortgage is amortized for a period of 30 years, the property must be owner occupied, should be a single family reside. If the home is to be manufactured or fabricated, the owner must buy the land which the manufactured home will be placed. The borrower of the mortgage must avail important documentations such as Homebuyer Education Certificate which was obtained after completion of face to face or online lessons, d federal income-tax-returns for at least three years and a sales contract that offers adequate description of the property.

Ohio Mortgage Credit Certificate

Ohio Mortgage Credit Certificate is a product that is backed by the federal authorities which helps families realize their dream of owning a home. The Ohio Mortgage Credit Certificate program provides a tax deduction which reduces the amount of tax liability that a home buyer remits to the deferral authorities hence making money available which can be used to offset the mortgage loan.

How Ohio Mortgage Credit Certificate Works

Homeowners who qualify for the program get a mortgage-credit -certificate from Ohio HFA which can be used towards reducing the amount of tax burden that is payable every year for the entire life of their mortgage loan. With MCC, a percentage of the mortgage interest that you pay becomes the tax credit which can be deducted on dollar to dollar basis from your tax obligation or liability at the end of the year. Provided that you have sufficient tax liability on your mortgage interest, you can be pretty sure that you will continue claiming the tax credits.

But to qualify for Ohio Mortgage Credit Certificate tax credits, the buyer must meet certain conditions – he or she must be a first time home buyer and must have not owned any home for the last three years. The home to be bought should be within a listed area because homes that are situated in certain areas qualify. The borrower of the house loan must occupy the house as a primary residence for all the years where the Ohio Mortgage Credit Certificate claims are to be made. Moreover, it’s important that the borrower’s income limit be within the prescribed limits. The properties that qualify for the mortgage are new or existing family-units or planned units within the state of Ohio, modular, manufactured or other properties that are permanently fixed on the ground. The house must remain owner occupied for the entire 30 years when the loan is being amortized.

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.

Hawaii Mortgage Credit Certificate

Are you looking forward to get a Hawaii mortgage credit certificate? If yes, it is good to know how the credit certificate works and how to qualify to get one. This certificate is vital because it reduces the amount of federal income tax a borrower must pay. It frees up income, so that you can get a mortgage. A home buyer must not exceed household income and the price limits of the home set according to MHC guidelines and federal tax law. The government gives an opportunity for home buyers to claim a deduction in itemized federal income tax for the entire interest paid on the mortgage loan each year.

As a borrower, the Hawaii mortgage credit certificate allows you to take a tax credit that equals to 40% of the yearly interest paid on the mortgage loan. The remaining 60% of the interest continue to qualify as an itemized tax reduction. The dollar amount of the tax credit is determined by the amount of interest paid on the loan. However, it is good to note that the amount of credit cannot exceed the annual federal income tax liability after all other deductions and credits have been considered.

In order to qualify for Hawaii Mortgage Credit Certificate, the maximum yearly income of the members of the household may not exceed a specific income limits. As a first time home buyer, you should not have owned a principal interest in a residence for a period of the past three years. The property must be occupied by the owner i.e. you should be the owner of the property. The residence should be your primary residence and must
be a single family residence.

In addition, the cost of the home should be within maximum acquisition price limits for the county that is located. You should have a sales contract including a legal document showing full description of the property. A home buyer education certificate from online course or traditional classroom is also required.

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