If you bought your first home this year - or are thinking of buying your first home - you need to know about the Mortgage Credit Certificate program!
The Mortgage Credit Certificate (MCC) Program provides first-time home buyers with a tax credit based upon the interest paid each year. Here’s everything you need to know about the MCC and how it can benefit you for years after buying your first home.
Mortgage Credit Certificate Benefits
First-time home buyers who sign up for the MCC program will receive a tax credit of 50% of the interest paid on their mortgage for that year, up to $2,000. The best part? The MCC provides this tax credit for the life of the loan.
This means you could save thousands every year you own your home when you sign up for the Mortgage Credit Certificate.
Mortgage Credit Certificate Requirements
The MCC program was created to be a benefit for first-time home buyers. To qualify for the MCC in Iowa, however, there are a few additional requirements you must meet.
- Obtain a fixed rate mortgage
- Meet the federal income limits. Income limits vary by county and the size of your household.
- Plan to use the home you purchased in Iowa as your primary residence.
You also must satisfy at least one of the following three conditions:
- Be a first-time home buyer, defined as a person who has not had an ownership interest in their primary residence in the past 3 years.
- Purchase a home in a targeted area.
- Be a military veteran with a discharge other than dishonorable who has not previously used a Mortgage Revenue Bond Program.
Work with RMN to Sign up for the MCC
RMN is one of the leading providers of the MCC in the state of Iowa. We have the experience and the expertise to get you signed up for the Mortgage Credit Certificate so you can enjoy savings for years to come.
To learn if you qualify for the Mortgage Credit Certificate or to get signed up, schedule a meeting with one of our loan officers today!