Mortgage Credit Certificate (Mcc) Tax Credit Program Handbook - California

Mortgage Credit Certificate (Mcc) Tax Credit Program Handbook is a legal document that was released by the California Housing Finance Agency - a government authority operating within California.

FAQ

Q: What is the Mortgage Credit Certificate (MCC) Tax Credit Program?A: The MCC Tax Credit Program provides a federal income tax credit for first-time homebuyers in California.

Q: Who is eligible for the MCC Tax Credit Program?A: First-time homebuyers who meet the income and purchase price limits set by the program.

Q: How does the MCC Tax Credit work?A: The MCC allows eligible homebuyers to claim a portion of the mortgage interest they pay as a tax credit on their federal income taxes.

Q: How much is the tax credit?A: The tax credit is equal to a percentage of the mortgage interest paid, up to a maximum of $2,000 per year.

Q: What are the income and purchase price limits for the program?A: Income and purchase price limits vary depending on the county in California. Details can be found in the MCC Tax Credit Program Handbook.

Q: How can I apply for the MCC Tax Credit?A: Homebuyers must work with a participating lender to apply for the MCC Tax Credit.

Q: Is the MCC Tax Credit refundable?A: The MCC Tax Credit is non-refundable, but any unused credit can be carried forward for up to three years.

Q: Can the MCC Tax Credit be combined with other programs?A: Yes, the MCC Tax Credit can be combined with other homebuyer assistance programs and mortgage types.

Q: Does the MCC Tax Credit have to be repaid?A: No, the MCC Tax Credit does not have to be repaid as long as the homebuyer continues to meet the program requirements.