Due to the increasing popularity of our first-time homebuyer tax credit through the Mortgage Credit Certificate (MCC) Program, Minnesota Housing will continue to offer the program. Initially the tax credit was only available for loans that close by the end of 2014.
“The MCC provides a huge benefit for borrowers that a lot of lenders aren’t taking advantage of. Borrowers really appreciate you taking the time to explain it, so they become much more likely to send you referrals.” - Jackie George, Mortgages Unlimited
How the Tax Credit Works
The first-time homebuyer tax credit helps your client get 35% of their mortgage interest back every year as a federal income tax credit - up to $2,000 per year. This can add up to as much as $50,000 in tax savings over the life of the loan.
Your client gets a package deal:
- Tax credit
- Affordable Minnesota Housing mortgage
- Optional downpayment/closing cost loan