MORTGAGE CREDIT CERTIFICATE (MCC) IS NOW AVAILABLE IN ROSEVILLE, CA.
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.
Unlike 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. 
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 dbullwinkel@teamvitek.com, or call Doug Bullwinkel for more details at (800) 636-8910.
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