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An
Annual Mortgage Tax Credit is Still Available!
The Tax Credit Reduces what you are Taxed by IRS!
Discounted Program Fee $1000 cut to $500!
A Mortgage Credit Certificate (MCC) is a tax credit that reduces your federal income tax liability, if you have one. Your tax liability is the amount the IRS taxes you for your earnings, not the amount that you are due or refunded. Each year, the tax credit equals 20% of your annual mortgage interest paid. You can continue to receive a tax credit for as long as you have a mortgage on your home, even if you refinance. Your lender may be able to use the amount you will receive from the tax credit as part of your income, for a loan qualification purposes.
EXAMPLE |
|
$150,000.00 x 6% $ 9,000.00 x 20% $ 1,800.00 |
Loan amount Interest rate Interest paid 1st year MCC Credit rate Tax Credit |
Borrower Qualifications
| :: | First time homebuyer (including those who have not owned property for over 3 years) |
| :: | Recipient must plan to occupy the property as their primary residence |
| :: | Applicant must meet income and purchase price limits: |
Household Income Limit |
||
Pima County |
Non-Target |
Target |
1 to 2 persons |
$71,520 |
$72,960 |
3 or more persons |
$83,440 |
$85,120 |
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Purchase Price Limits |
||
Pima County |
Non-Target |
Target |
New or Existing |
$288,227 |
$368,977 |
Guidelines
FHR administers the MCC program for properties located in unincorporated areas of Pima County and the cities of South Tucson, Marana, Oro Valley, and Sahuarita. If purchasing in the City of Tucson, contact Advantage Housing at 882-5591.
Eligible properties include new or previously occupied single-family homes including detached homes, manufactured housing, condominiums, duplexes, or townhouses within the Program Area.
The borrower’s loan may be from any lending institution located within the state of Arizona. The loan may be fixed or adjustable rate FHA, VA or conventional loans. MCC’s are not available with non-taxable mortgage revenue bond loans and veteran bond loans. Only original first mortgage financing is eligible. MCCs cannot be used with 100% seller financing. There are no fees to be paid by the lender.
Fee Schedule – Applicant
| Program Fee | $500 |
| Annual Administration Fee | $150 |
How to apply
Lenders may begin by faxing a 1003 Loan Application to FHR at 520-323-3788 or call FHR at 520-318-0993.
If you do not have Acrobat Reader to open PDF format files please click on the image below and follow the free download instructions on Adobe's website.
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