How to Take Advantage of the Mortgage Credit Certificate Program


The Mortgage Credit Certificate Program is one of our state’s best grant programs. Today, we’ll explain why this is the case.

Of all the grant programs in our state, the Mortgage Credit Certificate Program, sometimes called the MCC, is the best one available to first-time homebuyers, by far.

The State of Texas (TDHCA), South East Texas Housing (SETH), Texas State Affordable Housing Corporation (TSAHC), and Harris County Housing Finance Corporation (HCHFC) all offer a version of this program, each with unique stipulations and guidelines. The best part of all three versions is that those who take advantage of the grant will be refunded 30% to 50% of the interest paid on the loan over the life of the mortgage.

Essentially, this equates to a maximum $2,000 to be added to one’s tax return each year. And with the average first-time buyer staying in their property between six to eight years, this would eventually total to $12,000 to $16,000.

First-time homebuyers would be making a huge mistake to pass up this program if they qualify.

 

If you’re thinking of purchasing your first property, please reach out to our team or your lender about this opportunity. First-time homebuyers would be making a huge mistake to pass up this program if they qualify.

The qualification guidelines vary from county to county, but are fairly simple overall. In Harris County, for example, families of three can qualify so long as their combined annual income is less than $87,000. Also, there is no minimum credit score requirement.

You can check out the full guidelines for the MCC program through the State of Texas (TDHCA) here, the guidelines for the program offered through South East Texas Housing (SETH) here, the guidelines for the program offered through the Texas State Affordable Housing Corporation (TSAHC) here, and the guidelines for the program offered through the Harris County Housing Finance Corporation (HCHFC) here.

If you have any other questions or would like more information, feel free to give us a call. As mortgage experts, we would be happy to guide you toward the best option for financing your next home purchase. We look forward to hearing from you soon. Have Questions, contact us below.