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You can save about $150 a month, up to $2,000 a year, with
The Odessa Housing Finance Corporation
Mortgage Credit Certificate Program
The MCC is a tax credit that will reduce the federal income taxes of qualified buyers purchasing a qualified residence.
The MCC has the effect of reducing your mortgage payments. See a participating lender and ask about the MCC. You may qualify and save money as long as you own and live in the home and pay on the mortgage.
To qualify for the MCC:
There are limits on the maximum income you can earn and obtain a Mortgage Credit Certificate (you also must meet loan qualification requirements):
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Number of Family Members
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Maximum Non-Targeted Income
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Maximum Targeted Income
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1-2 Members
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$59,500
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$71,400
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3+ Members
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$68,425
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$83,300
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Additionally, your adjusted gross income for last year must be $83,300 or less. (These numbers are subject to change annually.)
MAXIMUM PURCASE PRICE LIMITS*
(These are maximum purchase prices for all homes, including newly built and existing homes. The homebuyer must purchase and live in the principal residence within the City of Odessa, TX.)
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| Non Targeted Area |
Targeted Area |
| $247,032 |
$301,929 |
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Odessa Housing Finance Corporation
Among the Leaders in
Affordable Housing Programs
Odessa Housing Finance Corporation is a non-profit agency formed by state charter to assist in financing various types of housing-related programs within the City of Odessa.
One of its responsibilities is to use bond allocation for single-family home financing. In this current single-family bond financing cycle, the Corporation has chosen to use its bond allocation to provide a Mortgage Credit Certificate.
Odessa Housing Finance Corporation
3801 North Dixie
Odessa, TX 79762
Office: (432) 362-2349
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It's easy. Just take the amount of your loan, multiply it by your interest rate, calculate the amount of interest and multiply that number by point 50 (.50).
Example:
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50% MCC Credit
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Loan amount
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$100,000
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Times loan interest rate
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x 5%
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Approximate Annual Interest
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$5,000
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Times MCC credit rate
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x 50%
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(Annual savings limited to $2,000)*
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*$2,500
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Maximum Approximate Annual MCC Savings
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*$2,000
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* Federal guidelines limit savings at a maximum $2,000 per year. Savings continue annually for the life of the loan, based on actual interest paid on the loan, providing that you reside in the dwelling. Savings can be carried forward three years. Ask your accountant for tax advice.
Participating Lenders
These community minded lenders have chosen to participate in the Mortgage Credit Certificate Program and have been trained to use the program.
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American State Bank
4200 West Wadley
Midland, TX 79707
432-552-1373
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Bank of America
6124 Eastridge Rd.
Odessa, TX 79761
432-366-2041
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Envoy Mortgage Ltd.
3815 East 52nd Street
Odessa, TX 79762
432-552-9000
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PrimeLending
1541 JBS Parkway
Odessa, TX 79761
432-550-2011
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SouthWest Bank
4800 E. 42nd Street
Odessa, TX 79762
432- 552-1014
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