Translate Site

Hutchinson, KS News

Hutchinson News
Local news for Hutchinson, KS continually updated from thousands of sources on the web.

MLS Quick Search

mortgage credit certificate program PDF Print E-mail

What is the Mortgage Credit Certificate program?

The Mortgage Credit Certificate program allows first-time home buyers to take advantage of a special federal income tax credit. This program allows buyers credit in qualifying for the tax advantage they'll receive after they purchase the home.
The amount of the credit is tied to a local formula that every city with an MCC program must follow. A MCC credit, which can total $2,000 or more, reduces the borrower's federal tax liability by an amount tied to how much one pays in annual mortgage interest. Both the borrower's income and the purchase price of the home must fall within established guidelines.

To see if your community has an MCC program, call your local housing or redevelopment agency. You also may inquire with your real estate broker or the local association of Realtors.


Questions about Hutchinson Kansas Real Estate?

Ask us below or Call us Now at 800-339-8841
Last Updated ( Tuesday, 29 July 2008 )
 
< Prev   Next >

Payment Estimator

Loan amount: $
Down payment: $
Annual interest rate: %
Term of loan: years

Total interest:
$
Monthly payment:
$