Mortgage Credit Certificate


Also found in: Acronyms.

Mortgage Credit Certificate

A security issued by a state or local government allowing holders to claim a tax credit on a portion of the interest they pay on their mortgages. In general, one may not purchase a mortgage credit certificate if one has owned a home in the previous three years; it is intended to help first-time home buyers afford to purchase a house.
References in periodicals archive ?
Debt Limit Allocation Committee for a Mortgage Credit Certificate allocation, with the most
TDHCA is making available an unprecedented $240 million in low interest home loans and $15 million in mortgage credit certificates to eligible homebuyers through the Department's First Time Homebuyer Program.
The Michigan Mortgage credit certificate program has assisted the home purchase of over 40,000 buyers who obtained mortgages totaling $1.
99 percent interest rate program, 1996 Mortgage Credit Certificate Program, and a down-payment assistance program.
Other Home Possible changes announced at the MBA National Secondary Market Conference will cut the minimum borrower contribution for financing three-to-four-unit properties from 5 percent to 3 percent and enable borrowers to use Mortgage Credit Certificates (MCCs) and Rural Housing Service (RHS) Leveraged Seconds.
Mortgage credit certificates - To match Fannie and Freddie's policy, FHA direct endorsement (DE) lenders may now consider the tax credit resulting from mortgage credit certificates as a direct reduction in housing expense.
Israel specializes in tax-exempt financing, low-income housing credits and mortgage credit certificates.
The Ohio Housing Finance Agency also has set aside $500,000 in mortgage credit certificates for University District home buyers to help lower their monthly mortgage payments.
IHFA's Mortgage Credit Certificates work well for Hoosiers buying their first home, whether it is a newly built home or an existing home," said Kernan, who is Chairman of the Board of IHFA.
Low-income homeowners who hold mortgage credit certificates from state or local governments can claim a tax credit.
The Authority is able to issue Multi-Family Revenue Bonds for rental projects, low interest Single-Family Mortgage Revenue Bonds for first-time homebuyers, and Mortgage Credit Certificates to help provide additional income for first-time homebuyers through tax credits.

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