The home buyer’s tax credit program has ended. While many were able to take advantage of the savings; we also know that many more did not. Perhaps the timing of the program didn’t fit with your current financial picture. Do you feel left out and like the opportunity to buy your dream home is gone for good? While this particular program may be over, what if something else existed to help? Wouldn’t you want to know? Fortunately one does!
The Mortgage Credit Certificate (MCC) program is a Federal tax credit on the mortgage interest you pay on your home loan over a calendar year. It effectively reduces the annual interest rate on your loan.
This is not a limited life program or something offered for just a set period of time. The MCC credit remains in effect for as long as your home continues to be your primary residence and the original mortgage loan remains in place. Only if you refinance your home loan, sell your home or purchase a second home that becomes your primary residence, will the credit end. Plus in select targeted areas you do not need to be a first-time home buyer to qualify.
Unfortunately this program is not offered in all states. In the 5 states we currently do business only Michigan and Indiana offer the MCC program. (This would be a great question to ask your state senators and representatives about if your state does not offer this program.) Even more amazing though is that not all lenders participate in this program. Awareness Home Funding does and will continue to do so for every state we conduct business in when available.
If you are looking to purchase a home, now or in the future, ask us about the MCC program. We are very familiar with how the program works and more importantly, how it can work for you.