Home Buyer FAQ: What if My Income Increases? Am I still Eligible for a Mortgage Credit Certificate?

Yes. We consider your income for eligibility purposes only when you first apply for the Mortgage Credit Certificate [...]

Home Buyer FAQ: How Will My Income Be Calculated to Determine My Eligibility for a Mortgage Credit Certificate?

Your lender will consider income from all family members listed on the deed of trust to determine income eligibility for a Mortgage Credit Certificate (MCC). This includes income from a non-purchasing spouse. However, it would not include income from those that will not end up on the deed of trust. For example, if an 18 year old is working at the grocery store or if grandma is living with you and [...]

Home Buyer FAQ: If I Have a Mortgage Credit Certificate, Can I Still Take the Mortgage Interest Tax Deduction on My Tax Return?

If you have a Mortgage Credit Certificate (MCC), you can take a tax deduction for any additional interest paid above the value of the tax credit. For example, if you paid a total of $7,500 in mortgage interest in one year, you would be able to take an MCC tax credit of $1,500 (20% of the mortgage interest paid). You would also be able to take an itemized tax deduction for the remaining $6,000 [...]

Home Buyer FAQ: Can I Combine a Mortgage Credit Certificate with TSAHC’s Down Payment Assistance?

As long as you meet all of the requirements of both programs, you can use TSAHC’s Mortgage Credit Certificate (MCC) and Down Payment Assistance (DPA) together. In fact, the MCC can ONLY be used in conjunction with our DPA until further notice. The stand-alone MCC will be discontinued [...]

Home Buyer FAQ: How Do I Apply for a Mortgage Credit Certificate from TSAHC?

https://youtu.be/VGReNR-oR9U To apply for a Mortgage Credit Certificate (MCC), you must work with one of TSAHC’s approved lenders. The lender will help you fill out the application and ensure that you meet all of the requirements. https://www.tsahc.org/homebuyers-renters/lenders Click here to find a participating lender in your area. Please note that until further notice, the MCC program [...]