You can save about $150 a month, up to $2,000 a year, with the Mortgage Credit Certificate.
DOWN PAYMENT ASSISTANCE GRANT
50% MCC RATE
All qualified borrowers may apply for a down payment assistance grant and every loan is eligible for the MCC 50% rate.
Available for First-time Homebuyers through The Mortgage Credit Certificate Program
See a participating lender and ask about the MCC. You may qualify to save money on your mortgage loan!
You can save up to 50% of your mortgage interest for as long as you own and live in the home.
The MCC is a tax credit that will reduce the federal income taxes of eligible buyers purchasing a qualified residence within the counties of Brazos, Burleson, Grimes, Leon, Madison, Robertson and Washington.
Other down payment assistance programs are available in the area for qualified buyers. They are:
These community lenders have been trained to use the MCC program:
Brazos County Housing Finance Corporation
Mortgage Credit Certficate Program
An Example of MCC Savings:
* Federal guidelines limit the amount of benefit to a
maximum $2,000 per year.
To qualify for the MCC:
Maximum Income Limits
There are limits on the maximum income you can earn and obtain a Mortgage Credit Certificate (you also must meet loan qualification requirements):
Additionally, your adjusted gross income for last year must be $84,140 or less. (These numbers are subject to change annually.)
Maximum Purchase Price Limits
There are limits on the maximum purchase price you can acquire and obtain a Mortgage Credit Certificate (you also must meet loan qualification requirements):
Take the steps toward your
Mortgage Credit Certificate for savings!
To obtain your MCC and save about $150 a month: