|
Single Family Mortgage Credit Certificate Program
Summary of Program Parameters
How it works
A MCC is a tax credit that reduces your federal tax liability. You
receive a tax credit for 20% of your annual mortgage interest payment each
year for as long as you own and remain in the house purchased. |
 |
|
$100,000.00 |
Loan Amount |
|
x
6% |
Interest Rate |
|
$ 6,000.00 |
Interest paid 1st year |
|
x
20% |
MCC Credit Rate |
|
$ 1,200.00 |
Tax Credit |
|
Mortgage Credit
Certificate Rate : 20% |
|
|
Program Area
City of Tucson, Arizona *
|
 |
Eligible Properties
New or
previously occupied single-family homes including detached homes,
manufactured housing, condominiums, duplexes, or townhouses within the
Program Area.
Eligible Lenders
Any lending
institution located within the state is eligible to provide loans
under this Program.
Eligible Loans
Fixed-rate or
adjustable rate FHA, VA, and Conventional loans. MCC’s are not
available with non-taxable mortgage revenue bond loans and veteran
bond loans. Only original first mortgage financing is eligible.
MCC’s cannot be used with 100% seller financing. |
|
|
Household Income Limit |
|
Size of Household |
Non-Targeted Area |
Target Area |
|
1 to 2 persons |
$66,000 |
$70,200 |
|
3 or more persons |
$77,000 |
$78,150 |
|
|
Purchase Price Limits |
|
Property Type |
Non-Targeted Area |
Target Area |
|
1 Unit |
$374,506 |
$457,729 |
|
2 Units |
$479,427 |
$585,966 |
How to
apply
Lenders are
to fax the 1003 and purchase contract to Advantage Housing Services at 520-624-1728 (attn:
MCC Program Administrator)
The Lender can charge an Applicant only those reasonable fees that would be charged to a client applying for a mortgage without an MCC. |
|
|
Fee Schedule - Applicant
City of Tucson -
Program Fee: .75% of final loan amount
Annual Administration Fee: $100.00
(There are no fees to be paid by the Lender)
|
Mortgage Credit Certificates are available to first-time
homebuyers unless property is in a targeted area
(Click to view map),
or loan is a
qualified home improvement loan. The MCC
Administrator will not underwrite the loans. Lenders will process
the underlying mortgages using standard procedures, with
adjustments to those procedures, as needed, in order to satisfy
MCC requirements. |
|
|
|
Program Administration
Advantage
Housing Services LLC (“AHS”) is Program Administrator. AHS will
process applications and issue MCC’s. Questions regarding the
Program should be directed to the Program Administrator at:
Advantage Housing Services, LLC
335 N. Wilmot, Suite 420
Tucson, AZ 85711
Phone: 520-882-5591
Fax : 520-624-1728 |
|
Click here to
view frequently Asked
Questions
|
|
