MORTGAGE CREDIT CERTIFICATES IN MN
Combine a a Mortgage Credit
Certificate (MCC) with your assistance loan for additional
savings on your new home
MORTGAGE CREDIT CERTIFICATES
By adding a Mortgage Credit Certificate option, first time home buyers can potentially save up to an addition $2,000 a year on their taxes.
The Mortgage Credit Certificate program, also known as an MCC program, can help first-time homebuyers save money over the long term.
The MCC program helps home buyers get 35% of their mortgage interest back every year as a federal income tax credit. This can add up to as much as $50,000 in tax savings over the life of the loan.
Buyers can combine the MCC with some assistance loans, and even take advantage of optional down payment assistance loans.
To be eligible for a Mortgage Credit Certificate:
Homebuyers must meet the MCC program income limits, have not owned a home in the past three years, and meet all other program guidelines.
NOTE: THE MORTGAGE CREDIT CERTIFICATES ARE NO LONGER AVAILABLE IN COMBINATION WITH MINNESOTA HOUSING FINANCE AGENCY FIRST TIME HOME BUYER DOWN PAYMENT ASSISTANCE LOANS as of January 2017
The rules and guidelines for first time home buyer and down payment assistance programs, and mortgage credit certificates in MN are a bit overwhelming for most potential new home owners.
We suggest you don't try to figure it out yourself... Rather, simply call us at (651) 552-3681, or fill out a full online application. Our licensed professional Loan Officers will review the application, zero in on the best loan for you, then contact you to discuss your options, all with NO COST and NO obligations whatsoever.
Click here for FULL RULES and GUIDELINES on the Minnesota Housing Finance Agency Down Payment Assistance Programs