The MCC Tax Credit - First Time Homebuyer Program

What You Need To Know

Prepare yourself for a bold, insightful theory that I’ve crafted over many years…

The theory states: most people actually don’t like paying taxes.

I know this may come as a shock.  Because taxes even have their very own day in April marked on the calendar each year.  Although, a complete absence of “Tax Day” Parties has made me question how truly celebratory April 15th is.

So if you’re one of the people that doesn’t celebrate the coming of tax day, I suggest you read on.  Because that may change when you find out what The MCC is capable of.

But first, one vital bit of information for anyone interested in this program:

The MCC Tax Credit is ONLY available through a small number of approved loan officers.

So it is absolutely crucial that you work with a lender, like me, that is certified to offer this program!

Step #1:  Fill out a Pre-Approval Application

Highlights of The MCC

  •     •  The MCC is (unofficially) the most valuable tax credit in the country
  •     •  This is an annual tax credit that you get every year.
  •     •  And it NEVER expires – as long as you remain in the home, and the loan!
  •     •  It converts the first 20% of your annual mortgage expense into a dollar-for-dollar tax credit!
  •     •  That tax credit can offset a nice chunk of your mortgage payment.  And isn’t money the best gift to receive?
  •     •  Using The MCC could offset the entirety of the monthly mortgage insurance premium
  •     •  You would need a totally unrealistic interest rate (approximately 3%, or even lower) to equal the savings you can get with the MCC.
  •           •  That’s an interest rate that you’re not gonna find these days.
  •     •  The MCC can be combined with the Portland Buyers Assistance Program, for down payment assistance too!
  •           •  (If you qualify for both programs)

I know that some of the items listed above aren’t 100% self-explanatory.  Using that lender terminology is hard to avoid.

So, please contact me with any question you have, because I’m here to help.  I can explain the details of the program in context to your specific situation.

But here’s what you should walk away from this article understanding…

The MCC Tax Credit can help first-time homebuyers (like you?) increase their available income, and therefore increase the affordability of homeownership.

Believe me, I realize that people want to live in the heart of Portland – especially that Millennial, first-time buyer demographic.  But they also don’t want to stretch themselves beyond their financial means, to do so.  The MCC will make sure of that.

Eligibility: Is This Program Right For You?

As a reminder, this is a first-time home buyer program.

However, in Oregon a “first-time home buyer” is defined as “not having owned a home in the past 3 years”.  So that opens up the program availability to quite a few more people.

Plus…the first-time buyer requirement is waived in one other special situation.  If the house you want is located in a “MCC Target Area”.  Click on the map image next to this to see exactly where those target areas are located.

To see other eligibility requirements, check out the links below:


Lastly — It is currently only available for home purchases within the Portland city limits.

Map of Target Areas for The MCC Tax Credit

Time For Action

The best place to start, and the only way to find out if this program is right for you, is by submitting a pre-approval application with us.

It’s fast, easy, and you never know…you may even qualify for more than one program!

As always, thanks for reading!  And I’ll see you next time.

Contact Vince Kingston