February 15, 2019 | by Michael Wilt
Categories: First Time Buyer, Homeownership, Homes for Texas Heroes
It's tax season which means this is the time of year we like to promote our Mortgage Credit Certificate (MCC) program. In simplest terms, the MCC is a mortgage interest tax credit that saves home buyers on their federal income taxes every year. MCCs are available to first-time home buyers who are eligible for either our Homes for Texas Heroes or Home Sweet Texas Home Loan Programs.
If you're like us, you probably have a lot of questions when it comes to something tax-related. That's why we created new MCC tools that help explain the tax benefits of an MCC to home buyers.
MCC Tax Savings Calculator
The below tool (available here) helps home buyers calculate their cumulative tax savings with an MCC.
MCC Program Overview Video
The below video explains how an MCC lowers a home buyer's federal income taxes.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.
Hello I’m looking to attend a first time homebuyer seminar and receive a mortgage credit certificate
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Hello Dacquan,
Thank you for your interest in TSAHC assistance programs. The best way to get started with our program is to visit http://www.readytobuyatexashome.com and take our eligibility quiz. Once you do that, if the result indicates you qualify (we do require a credit score of 620 or higher for our grant), the next step is to contact one of the approved lenders listed on our website. Only our approved lenders can offer our programs as they are trained as experts in helping homebuyers navigate submitting the required documents and loan application.
We do not take any applications or documents from borrowers directly but rather work behind the scenes training our approved loan officers to work with potential borrowers. Just call or email one of our approved loan officers and say you found their name on TSAHC’s website and would like to find out more about using our down payment assistance (DPA) grant and/or mortgage credit certificate (MCC) program. The loan officer will take it from there, help you get started and answer all your questions!
1. Here’s the eligibility quiz:
http://www.tsahc.org/homebuyers-renters/eligibility-quiz
2. Here’s our approved lenders by county:
http://www.tsahc.org/homebuyers-renters/lenders
3. Here’s our Program Frequently Asked Questions:
http://www.tsahc.org/homebuyers-renters/faq