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Mortgage Credit Certificate (MCC) Program - Targeted Areas

Single-Family Duplex Triplex US Military - Active Duty American Indian Profession - Education Profession - Law Enforcement Profession - Firefighter Profession - Healthcare Disability

Type Of Program

Tax Credit

Program distribution

Grant

Program Originator

Golden State Finance Authority (GSFA)

Amount

$20.00

Contact

Blocks

Location
Description
An MCC is a federal income tax credit designed to assist persons of low-to-moderate income to better afford individual ownership of housing. With an MCC, the qualified homebuyer is eligible to write off a portion of the annual interest paid on the mortgage as a special tax credit, during each year that they occupy the home as their Principal Residence. The portion or amount of the tax credit is equal to the mortgage credit rate on the MCC multiplied by the annual interest paid (for example a 20% MCC provides a 20% tax credit). This credit reduces the federal income taxes of the buyer, resulting in an increase in the buyer’s net earnings. Increased buyer income results in increased buyer capacity to qualify for the mortgage loan. The MCC has the potential of saving the MCC holder thousands of dollars over the life of the loan.
AMI Limit

No

AMI

Employer Participation Required

No

Must Earn Counseling Certificate

No

Eligibility Limitations

Cash Sale Permitted

No

Cosigner Permitted

No

Owner Financing Permitted

No

Must be Primary Residence

No

Program Provider's Contact Name

N/A

Program Provider's Address

N/A

Program Provider's Phone

(855) 740-8422

Program Provider's Email

info@gsfahome.org

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