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County of Santa Clara MCC-013 Revised Oct 2011 Mortgage Credit - sccgov

County of Santa Clara MCC-013 Revised Oct 2011 Mortgage Credit - sccgov-2025

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The document outlines the Mortgage Credit Certificate (MCC) Program administered by the County of Santa Clara's Office of Affordable Housing. It provides a checklist for applicants to follow during the application process, detailing required documents for both the initial application and final certificate phases. The MCC program aims to assist first-time homebuyers by offering tax credits against federal income taxes. Additionally, it includes information on potential recapture taxes that may apply if the home is sold within nine years of purchase, emphasizing eligibility criteria, income limits, and necessary certifications.

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What is the minimum credit score for the MCC program?

Since the MCC is not a loan, you do not need a certain credit score to qualify. Income and sales price limits will vary by state.

How do I claim my MCC on my taxes?

If you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program, use Form 8396 to figure: Your mortgage interest credit for the current year. Any credit carryforward for the following year.

How long is a mortgage credit certificate good for?

The MCC tax credit remains in place for the life of the mortgage, so long as the residence remains the borrowers principal residence. The total MCC tax credit for each year cannot exceed the recipients total federal income tax liability for that year, after accounting for all other credits and deduc tions.

How long is a mortgage credit report good for?

If you refi, you will lose the MCC.

Is a mortgage credit certificate a good idea?

Mortgage tax credit certificates can help lenders increase their appeal to first-time homebuyers and help more bor rowers qualify for homes by reducing their mortgage payments. MCCs are not a loan product, but rather a federal tax credit.

What does MCC mean in mortgage?

What is the Mortgage Credit Certificate (MCC) Program? The MCC program is a homebuyer assistance program designed to help lower‐income families afford homeownership. The program allows homebuyers to claim a dollar‐for‐dollar tax credit for a portion of mortgage interest paid per year, up to $2,000.

County of Santa Clara MCC-013 Revised Oct 2011 Mortgage Credit - sccgov-2025

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