Montgomery County HFC MCC
Down Payment Assistance
Montgomery County MCC Program
Montgomery County’s Mortgage Credit Certificate Program makes being a homeowner even better. The federal government permits every homebuyer to claim an itemized federal income tax deduction for all of the interest paid each year on a mortgage loan. A certain percentage of the homebuyer’s paid annual mortgage interest will be considered a credit, which is a dollar-for-dollar reduction of the homebuyer’s tax liability. The remaining portion of the mortgage interest will continue to qualify as an itemized tax deduction. The specific amount of the MCC credit depends on how much interest you pay on a mortgage loan obtained from your lender through the program. However, the amount of the credit cannot be more than your annual federal income tax liability after all other credits and deductions have been taken into account. Unused MCC credit can be carried forward for the next three consecutive years for tax purposes.
The Montgomery County HFC Mortgage Credit Certificate Program is available for individuals who are purchasing a home within Montgomery County, Texas. This program was created to assist eligible home buyers with purchasing a newly constructed or existing home by providing an annual tax credit up to $2,000. Home buyers will continue to receive the benefits of this program as long as they live in the home being purchased and have a mortgage. Loans under this program will be made on a first-come first-serve basis to qualified buyers.
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.