Mortgage Credit Certificate

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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.
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These programs, restricted to low and moderate-income residents earning up to 100% of area median income (AMI), provide closing costs grants, 3% simple interest down payment loans fully deferred for 30 years, and mortgage credit certificates for accessing federal LMI tax credits.
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.
Israel specializes in tax-exempt financing, low-income housing credits and mortgage credit certificates.
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.
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.

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