May 12th, 2012 9:31 AM by Nathan Rufty
A Mortgage Credit Certificate (MCC) provides homebuyers with a federal income tax credit based on a percentage of the mortgage interest paid per year. The tax credit is a dollar-for-dollar reduction against the homebuyer's federal income tax liability†.
In addition to providing a tax credit, an MCC may also help a homebuyer to qualify for the mortgage loan because it may be considered more "qualifying income" during the loan qualifying process. An MCC can be combined with a variety of fixed-rate or adjustable-rate mortgage loans, which provides down payment assistance in the form of a low fixed interest rate Second Mortgage.
The CHF MCC Program currently has MCC funds available for home purchases in San Bernardino County, California. The Program is open to those individuals and families who meet income and home purchase requirements, have not owned a home as primary residence in the past three (3) years (with some exceptions), meet the qualifying requirements of the mortgage loan, and will use the home as their primary residence.
http://www.chfloan.org/programs/MCC/MCC_QnA.pdf
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