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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Low-income homeowners who hold mortgage credit certificates from state or local governments can claim a tax credit.
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.
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.
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.
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.
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.
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.
MHC offers low interest mortgages funded by Mortgage Revenue Bonds, Mortgage Credit Certificates which lower the homebuyer's federal tax liability, and low-interest loan for down payment and closing costs.
Low- interest mortgages and property improvement loans as well as Michigan Mortgage Credit Certificates (MCC) all contribute to the convenience of homeownership.
TDHCA has issued mortgage credit certificates on approximately $70 million in mortgage loans under the program since February 2004.
Mortgage credit certificates provide a tax credit for low- and moderate- income homebuyers that, in effect, reduces their monthly mortgage payments.

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