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Homebuyers in Roseville, California can now take advantage of the Mortgage Credit Certificate program when they purchase a home.  The MCC Credit reduces the amount of Federal Income Tax liability.

MCC Tax CreditUnlike a TAX DEDUCTION that deducts mortgage interest paid from your taxable income, a TAX CREDIT is taken right off the actual amount of federal tax due.  MCC does not reduce your monthly mortgage payment, only your annual tax liability.  Mortgage underwriters will consider this tax credit when qualifying buyers by allowing for more available income. 

Qualified participants can get a tax credit of 20% of the amount of annual mortgage interest paid.  For example, a $200,000 loan amount with an interest rate of 4.0% would provide a first year tax credit of just under $1,500.  This credit will be reduced each year as the amount of mortgage principal is paid down.  The MCC will remain in effect for the life of the original mortgage, as long as the property continues to be Owner Occupied.  It can be used with Conventional loans, fixed or adjustable loans, and VA and FHA loan products.  It cannot be used with CHFA or Cal-Vet loans that use bond financing.

To be eligible for MCC, you must be a First-Time Home-Buyer and have not owned a principal residence for the prior three years.  You must qualify for the loan to purchase the home and live in the home as your primary residence. MCC Credits are subject to County Income Limits based on Family Size and Purchase Price limits.  The Maximum allowable purchase price in Placer County is $528,608 and the current annual income limit is $87,515 for a family of 3 or more. MCC Loan Application

To Apply for the MCC Credit, you must apply for your Home Mortgage through a MCC Certified Loan Originator.  Doug Bullwinkel at Vitek Mortgage Group in Roseville, California will be happy to assist you.  

To request a Free Booklet from CalHFA containing complete MCC program information, please email, or call Doug Bullwinkel for more details at (800) 636-8910.


Comments (2)

Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Thank you Doug for the heads up on this credit.  It is good information to pass on to the home buyers.  I have bookmarked for future reference.

Jun 27, 2012 06:37 PM
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Sacramento, CA
Mortgage Loan Originator NMLS #281609

Hi Rosemary:  Thanks so much for re-blogging my post. I hope it can help you save some of your buyers some hard earned tax dollars.  I appreciate your support.

Jun 28, 2012 06:35 PM