Mortgage tax credit certificate program

Homebuyers must have a tax liability in order to use this non-refundable credit. The mortgage tax credit is in addition to the IRS home mortgage interest deduction. The size of the tax credit a homeowner receives is based on the location, property and type of mortgage:. You may qualify for an OHFA homebuyer program if you meet the criteria listed below: You have not owned or had an ownership interest in your primary residence in the last three years.

You meet debt to income ratios for your loan type. You meet income and purchase price limits. You meet credit score requirements. Qualified buyers are required to complete free homebuyer education. MCCs are specifically for first-time home buyers who are eligible for the following programs:.

See how the MCC program lowers your federal income tax bill every year that you live in your home. Exclusively for first-time home buyers defined as anyone who has not owned a home in the last three years. TSAHC was created in as a self-sustaining nonprofit housing organization. Our programs target the housing needs of low-income families and other underserved populations in Texas who do not have acceptable housing options through conventional financial channels.

OR Purchase a home in a Targeted Area please use the eligibility quick check tool to determine if you're purchasing in a Targeted Area. For cases where borrower has no credit score, non-traditional credit documentation allowed in accordance with agency guidelines for the loan type. Follow agency guidelines for loan type. Learn about… Jump To Reissuable Upon Refinance The MCC may be reissued upon refinance and may be transferable upon sale under certain conditions if reissued by IFA in accordance with program requirement.