– Mortgage Credit Certificates “MCC’s” are available to first-time home buyers(1) and Veterans to help keep your housing costs down through federal income tax credits(2).
– An MCC can reduce federal income taxes owed. Because of the potential tax savings, an MCC holder may choose to adjust their W-4 withholdings with their employer (3).
With less money withheld for taxes, the MCC holder receives more take-home pay.
– The MCC can be used by the lender to gross up qualifying income and improving debt-to-income / qualifying ratios (if allowed by the respective mortgage agency guidelines).
– An MCC issued in Arizona a: can be combined with HOME Plus, b: cannot be combined with the Arizona is Home program.
(1) First-Time Homebuyers is any buyer that has not owned a home in the past 3 years.
(2) Both a tax deduction and tax credit reduce your tax burden. A tax credit has the potential to save you more than a tax deduction does. Your tax professional can provide greater insight into your specific circumstances.
(3) Speak with a tax professional or lender to find the best option for you.
Available to first-time homebuyers, homebuyers who have not owned a home in 3 years, and Veterans.
Income limits apply. Limits vary by county and could be lower than your selected DPA program income limits.
Purchase price limits apply. MCC funds are limited.
Additional requirements may apply.