First Time Home Buyers

Home Loans for First Time Buyers

If you are buying your first home, a Mortgage Credit Certificate (MCC) from the North Carolina Housing Finance Agency can put more money in your pocket and make your mortgage payment more affordable. This program has been around for 40 years and is an outstanding program. It almost got cut in the recent tax reform bill. The Mortgage Credit Certificate is issued by North Carolina Housing Finance Agency (NCHFA) according to the rules and regulations determined by the IRS.

How the MCC Credit Works

The MCC allows eligible buyers to take a federal tax credit of 30% of the mortgage interest you pay annually. It can save you up to $2,000 each year that you occupy your new home. Because the MCC Credit is an immediate tax credit, you can change the withholding allowances on your W4 to reflect your decreased tax liability and increase your monthly take-home pay.

Who is Eligible

The MCC is available to first time homebuyers who meet the sales price and income limits. The maximum sales price limit is up to $345,000 and the maximum income limits range from $99,000 for a family of three to $95,000 for one adult in Raleigh with lower income limits in rural areas.

An MCC Credit can be used with almost any fixed rate mortgage. The property must be the homebuyer’s primary residence.

Amy is a top preferred lender for the North Carolina Housing Finance Agency: NCHFA. Please email Amy for details help@amybonis.com or call (919) 414-4430.

To take a first time home buyer class online for the down payment assistance program, go to Genworth Homebuyer Education Class *