MCC, Mortgage Credit Certificate & Mortgage Interest Credit EXPLAINED! 1ST Time Hme Buyer Tax Credit

What is a mortgage credit certificate aka MCC? This video goes over what the MMC is, qualifying for an MCC, benefits of a MCC, and how to get an MCC.

Be sure to check out these other great videos for first time home buyers:

Best Regards,

Julenn Keeling
Associate Broker, SFR(Short Sale Foreclosure Resource)
"Presenting Options. Producing Results"
Cell: [phone]
Fax: [phone]
Licensed in the State of Virginia

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#HamptonRoadsRealEstate

[larrybarfoot]

Great information, Julenn! It's also worth noting that not all lenders participating in VHDA lending offer all VHDA programs, including the MCC. However, fully participating lenders can help Borrowers take advantage of the VHDA MCC, even if the mortgage itself is not through VHDA! This can be beneficial for some circumstances, such as when a Borrower's qualifications fall outside of VHDA's regular mortgage guidelines, such as their more restrictive limitations on debt-to-income, and more stringent seasoning requirements for major credit events, such as foreclosurr and/or bankruptcy. Select lenders will even allow the annual savings yielded by the MCC to count toward improving your qualifying ratios, increasing your buying power! But an MCC is not for everyone. A buyer planning to sell the home in the shorter term, making a large profit, and/or one expecting to soon benefit from a significant increase in income, may not wish to take advantage of the MCC, as they may be subject to Federal Recapture Tax, or they may not be elegible to take advantage of the credit for long enough to justify the cost (some lenders do charge additional fees for completing the MCC application). As with all home financing options, it is critical to speak with a knowledgeable mortgage professional; one that knows all the available options, will take time to educate you on the pros/cons, and help you make well-informed choices to realize the greatest financial advantage! --Larry Barfoot, Mortgage Banker, The Federal Savings Bank, NMLS#450896.

[Kiki-AndBeyond]

Good information however, the music is extremely distracting.

[randytarpey]

Nice video Julenn! A lot of first time buyers are not accessing MCC credits. Up to 2, 000 a year extra refund each year. is a lot of money!

[VAhney]

Thank you so much for explaining this. I note completely understand how this works!!

[thesalatanchannel]

Hi, is there any problem if we use the home for rental property but it was approved for MCC and we live there for 2yrs and purchased a new home. thank you

[bigbluerips]

My Brother is a veteran and is covered with a va loan.Is there a way to incorperate the mcc with it? How?

[nikitamartin]

I have a Virginia homebuyer certificate. That I did online. I am pre approved for a mortgage loan. Can I use it for to help with down payment or closing costs

[amandadavis]

How do you fill it out on the new w4 instead of waiting until tax season

[stephaniearroyo]

I bought any first home in September 2020 will I need this when filing for my 2020 taxes or 2021 taxes?

[Minnie]

Do you have to pay interest on the MCC

[jjones___]

So if my tax obligation is only $1000, and my MCC credit is $3000, then I won't get the $2000 as a refund? My lender I'm working with told me otherwise. Currently trying to get an FHA loan.

[davidkidd]

I got the MCC in 2019. In July 2020 I refinanced with a different broker. Can I still use MCC on 2020 taxes?

[playamade]

Does the mcc tax credit raise your intrest rate on your loan application?

[jim.zuzukiz]

Thank you president Trump for all the tax reductions

[fawnefawne]

You explained it the best 😊#healthyRealtorFawne