Odessa Housing MCC
Down Payment Assistance
For qualified first-time homebuyers purchasing a qualified residence, the Odessa Mortgage Credit Certificate (MCC) is a tax credit reducing federal income taxes and thus reducing your mortgage payments. New American Funding is a participating lender. As long as you live in the home and are current on your mortgage payments, you may qualify and save money.
The Odessa Mortgage Credit Certificate (MCC) has maximum income limits for qualification (in addition to other program qualifications):
MAXIMUM INCOME LIMITS*
|Number of Family Members||Maximum Non-Targeted Income||Maximum Targeted Income|
In addition, qualified homebuyers must have an adjusted gross income of $83,300 or less for the previous year. (Annually, income qualifications are subject to change.)
MAXIMUM PURCHASE PRICE LIMITS*
(Qualified homebuyers must purchase and live in the primary residence within the city of Odessa, Texas. For all residences, both new and existing homes, the following maximum purchase prices cannot be exceeded when participating in the MCC program.)
|Non Targeted Area||Targeted Area|
Formed by state charter, Odessa Housing Finance Corporation is a non-profit agency that assists in financing within the city of Odessa, TX for various types of housing programs. Using bond allocation for single-family residential home financing is one of the responsibilities of Odessa Housing Finance Corporation. Currently, in this cycle of single-family bond financing, Odessa Housing Finance Corporation chose the Mortgage Credit Certificate to use its bond allocation.
HOW IT WORKS
Take your loan amount, multiplied by your interest rate, and calculate the amount of interest and multiply that number by point 50 (.50).
50% MCC Credit
|Loan amount||Times loan interest rate||Approximate Annual Interest||Times MCC credit rate||(Annual savings limited to $2,000)*||Maximum Approximate Annual MCC Savings|
|$100,000||x 5%||$5,000||x 50%||*$2,500||*$2,000|
Savings are limited to a maximum of $2,000 annually, per Federal guidelines. Annually, savings continue for the life of the mortgage, based on actual interest paid, providing the homebuyer continues to live in the property as a primary residence. Savings can be carried forward three years. Ask your accountant for tax advice.
If 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.