Many States, Counties, and Cities have great programs to help 1st Time home buyers, but few if any are better then the Federal Governments Mortgage Credit Certificate (MCC) program.
This turbo charges the existing TAX DEDUCTION for mortgage interest by allowing 15% of it to be taken as a TAX CREDIT.
Here’s an example:
If you pay mortgage interest of $24,000/year you can take 15% of that ($3,600) and deduct it dollar for dollar from your total tax liability.
To put it simply; if your total tax bill was $20,000 it will be reduced to $16,500. You have now got a tax free pay raise of $250/m.
You can now tell your employer to reduce the amount they take from your paystub so you get the benefit of this right away with an extra $250/month in your pocket.
This program is administered by the Counties, and your Mortgage Broker/Bank, but be aware that not all of them are familiar with it. Be prepared to educate them.

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.


  1. MexicanPass Forums on August 8, 2012 at 12:36 am

    I simply could not depart your site before suggesting that I extremely enjoyed the standard information a person supply for your guests? Is gonna be again steadily to investigate cross-check new posts

  2. Steps For Buying a Home on August 9, 2012 at 11:00 am

    Thanks for posting about this, I would love to read more about this topic. You efforts putting this blog together was worth the while. Thank you for the article Bill.

  3. Bill McCord on August 9, 2012 at 11:09 am

    For more info search Be aware that although the funds are Federal each County has minor differences in how they administer the progran. Always check with each County to be sure they are currently funded.