TSAHC MCC

TSAHC MCC Program

Down Payment Assistance

 

TSAHC MCC Homeownership Programs

Location Served: Texas

Provider: Texas State Affordable Housing Corporation

Approved Lender: New American Funding – (512) 524-8077

Website

 

Under the TSAHC Mortgage Credit Certificate Program, qualified homebuyers are permitted to take a portion of the annual interest they have paid on their mortgage as a tax credit each year they remain in their home. Qualified homebuyers can receive 35 percent of the total amount paid in interest that year, but may not receive more than $2,000. They must use the home as their primary residence. All in all, the TSAHC MCC Program has the potential to save homebuyers thousands of dollars over the duration of their mortgage.
 
 
Below is an example of how the Mortgage Credit Certificate Program would work. Let’s say a family purchases a home for $120,000 at a 6 percent interest rate. Therefore, they would have paid $7,200 in interest their first year in the home. If they were qualified for the MCC program, the homeowners would be eligible for a tax credit equivalent to $2,520. Please note that the maximum tax credit one can receive in a single year is $2,000. The remaining credit amount of $520 may be carried forward in the following three years. Also, the homebuyer may still deduct the remaining amount paid in iterant when filing their taxes. So instead of deducting the original amount of $7,200, they would deduct $5,200.
 

Mortgage Amount Interest Rate Interest Paid MCC Rate Tax Credit
$120,000 6.00% $7,200 35% $2,520

 

Program Qualifications
Eligible Property Types
Important Documents

This website marketing is not intended to offer loan services for properties in New York.