February 17, 2017 | by Michael Wilt
Categories: First Time Buyer, Homeownership
Tax season is upon us, and let's be honest, for most people there's not much to get excited about when it comes to doing your taxes. But at TSAHC, we actually love this time of year. That's because tax season is the perfect opportunity to remind home buyers about our Mortgage Credit Certificate Program and the savings that could be in their future.
The Mortgage Credit Certificate (MCC) is a dollar-for-dollar federal income tax credit equal to a percentage of the interest a homeowner pays on their mortgage loan (read this earlier On The House entry for a more detailed explanation). Homeowners with an MCC can take a tax credit of up to $2,000.
Last year, TSAHC assisted 595 Texans through our MCC Program. Those home buyers have a reason to share our love for tax season because they will save up to $2,000 on their income taxes this year.
It gets better. Homeowners can take an MCC credit on their federal income taxes every year they occupy the home as their principal residence which means every tax season will be a reason to celebrate.
Qualifying for an MCC is simple. Home buyers eligible for down payment assistance through one of home buyer programs are also eligible for the MCC Program so long as they are a first-time home buyer or have not owned a home in the last three years. Veterans are exempt from the first-time home buyer requirement.
The only other requirement is that home buyers apply for an MCC when purchasing a home. Home buyers that close on a home without an MCC can't retroactively apply for one.
That's why it's so important for us to highlight our MCC Program. Like down payment assistance, we worry that home buyers are losing out on thousands of dollars simply because they don't know programs like ours exist.
This tax season, we hope you will help us spread the word about our MCC Program so that more future home buyers have a reason to love tax filing time.
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