what is MCC? in regard to condo acquisition

Asked by Ray_spillers, Austin, TX Fri Apr 20, 2012

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Russell Spil…, Agent, Austin, TX
Sun Jun 15, 2014
Hi Ray,
I am responding not because I can answer your question but because I am sure I can help you in some way. I have a couple of great lots for condo builds you may be interested in. Aside from that I have a lot of funds available for partnering on deals so get in touch with me Ray, if for no other reason than we share last names. I would be interested to talk to you about where I grew up and see if we may share some kin. Feel free to contact me via phone or email.

Russell Spillers
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JOSEPH E JAR…, Agent, Austin, TX
Fri Apr 20, 2012
Ray, I see you got 2 andwers already and there is a little bit more to the MCC program, but I'd be happy to share with you. I've worked with it before and have a lender who specializes in MCC programs. Please feel free to give me a call if you'd like some further assistance and I'll be happy to help you out. It is a very good program and works for many people. Let me know if myself or my lender may be of assistance. Joe Jarusinsky, Keller Williams Realty, 512-261-4415
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Sally Graham, Agent, Austin, TX
Fri Apr 20, 2012
Hi Ray,

MCC stands for Mortgage Credit Certificate. The Texas Department of Housing and Community Affairs created its Texas Mortgage Credit Program for the residents of Texas, to help make ownership of new and existing homes more affordable for individuals and families of low and moderate income, especially first time buyers. You can go to this website to find out all the information: http://www.tdhca.state.tx.us/homeownership/fthb/mort_cred_ce…

Sally Graham
Better Homes Austin Realty
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Phil Rotondo, Agent, Melbourne, FL
Fri Apr 20, 2012
An MCC is a IRS-approved tax credit, which reduces their federal income taxes owed as long as they keep the loan and continuously occupy the home as their principal residence. The tax credit helps the homebuyer increase their disposable income and therfore more comfortably afford their monthly house payments. The maximum amount of the MCC tax credit equals 20 percent of the annual mortgage interest paid on the homebuyer's first mortgage loan.
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