Let’s talk about another great home buying program you may have never heard of. This one is currently available in Portland, Oregon, but only when you use a loan officer that is certified to offer it. It’s called the MCC Tax Credit and it’s amazing. So if your brother-in-law offers to help you with your home loan, but he doesn’t offer the MCC, I’ll show you why it’s simply too valuable to pass up. Even when family is involved.
What Makes The MCC Tax Credit So Awesome?
Prepare yourself for a bold, insightful theory that I’ve crafted over many years. The theory states that: most people actually don’t like paying taxes every year. 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.
Now let’s go over the full rundown of what makes the MCC Tax Credit so awesome. And to do that, it’s list time. So let’s get to it.
THE MCC LIST:
- The MCC is (unofficially) one of the most valuable tax credits in the country
- This is not a one-time deal either. It’s 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?
- It could offset the entirety of the monthly mortgage insurance premium
- You would need a totally unrealistic interest rate (approx. 3% or even lower) to equal the savings you can get with the MCC. An interest rate like that just ain’t gonna happen.
Now You Know. Time For Action.
As you can see, the MCC is no joke. It can help home buyers (like you?) increase their available income and therefore increase the affordability of home ownership. No one wants to be “house poor”. The MCC tax credit will make sure of that. Of course, I would be remiss if I said anyone can qualify for the MCC. This is a first time home buyer program at it’s core. However, “first time home buyer” is defined as “not having owned a home in the past three years“. This rule too is waived if the house you want is located in a “MCC Target Area”. There’s other eligibility requirements too, so below, I’ll just link to MCC page within the Portland Housing Bureau website so you can see all the fine print.
Thanks as always for reading, I hope this helps you out in your home buying pursuit. I’ve got one final bit of important information before you go. Because the MCC Tax Credit is ONLY available through a small number of approved loan officers in the Portland Area. So it’s crucial that you work with a lender that offers this program! Many lenders may not have even heard of it, let alone offer it. Vince Kingston of Eagle Home Mortgage is one of the few approved loan officers in Portland. And with his 13+ years of experience, he can help you navigate the MCC as well as any other programs you qualify for. Oh and as a cherry on top…for those who qualify…the MCC can be combined with the NHF Cash Grant, to increase your savings even more! Knowledge is power!