February 14, 2025 | by Laura Ross
Categories: First Time Buyer, Homeownership
Its tax season again! And also Valentine’s Day, which makes it the perfect time to talk about a program we love here at TSAHC – our Mortgage Credit Certificate Program! If you (or someone you know) is looking to purchase your first home, now is the time to tune in about this wonderful benefit that will save you thousands of dollars over the life of your home loan – as long as you sign up before closing!
Mortgage Credit Certificates (MCCs) are a dollar-for-dollar federal income tax credit equal to a percentage of the interest a homeowner pays on their mortgage loan each year. Because the tax credit refunds a portion of your mortgage interest, it also effectively reduces your mortgage interest rate.
Last year, TSAHC assisted 804 Texas families through our MCC Program. And this year, we are hoping to assist even more!
For A Limited Time Only
We are excited to start off the year by offering the MCC Program at a 20% credit rate! This means that 20% percent of the mortgage interest paid can be received back at tax time as a credit on your income taxes. This credit rate is being made available on a first-come, first-served basis for a limited time only. Once funds run out, the MCC Program will return back to the normal credit rate of 15%.
To be eligible for the program, you must be a first-time home buyer and you must use the program in combination with TSAHC’s down payment assistance programs. To learn more, click here.
Another quick way to find out if you qualify is by taking our eligibility quiz. By answering four simple questions, the quiz will help you determine what programs you are eligible for and what loan officers in your area can help you sign up.
We hope you love the MCC program as much as we do! It’s a benefit that will keep giving back to you throughout your life as a home owner.
Additional Resources
Recently, TSAHC created a worksheet to help you calculate the amount of savings an MCC can provide you each year. To view the worksheet, click here.
TSAHC also provides a calculator* on our website that will help you estimate the amount of savings you will receive each year. To view the calculator, click here.
*A quick note that the calculator provides results based on an MCC credit rate of 15%. Savings with a 20% MCC will be slightly higher. Talk to your lender to learn more.
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