GSFA- MCC PROGRAM-
MORTGAGE CREDIT CERTIFICATE
Mortgage Credit Certificated Offer Tax Savings and Much More
If you are purchasing a home, consider applying for a Mortgage Credit Certificate (MCC) at the same time you apply for the mortgage.
Not only can an MCC save you thousands of dollars every year you own and live in that home, but qualifying for an MCC can actually help you qualify for the initial mortgage loan.
How Does It Work?
Basically, the MCC allows the homeowner to take a tax credit for part of the mortgage interest paid every year. This is usually a 20% tax credit, which means 20% of the mortgage interest paid is subtracted right off the homeowner's federal income tax liability.
The tax credit provided by the MCC is also used to calculate the amount of disposable income available to purchase a home. In this manner, the MCC can help a homebuyer to qualify for the mortgage loan itself.
What are the Advantages of Qualifying for and MCC*?
How to Apply?
Your MCC approved Lender, Cindy Tomlinson, will help you determine if you qualify, and help you submit an MCC application when you apply for your mortgage loan.