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Mortgage Credit Certificate Can Be the Key to Your New Home!

As a first time buyer, your income may have kept you out of today’s very affordable housing market. There is great news for you! We can help you purchase the home of your dreams using a Mortgage Credit Certificate (MCC) from the State of North Carolina.

The MCC will allow you to claim a federal credit of 20% of your annual mortgage interest- up to $2000 EVERY YEAR that you are in your new home for a real dollar savings of nearly $10,000 (in your pocket) over a five year term. What is very helpful is that you can immediately change your W2 to increase your take home pay.

How do you qualify?

• You’re a first-time home buyer,

• Your income for a family of three may be up to $85,000 urban areas like Raleigh or up to $62,000 on rural area

• You want to buy a home up to $220,000

How does this work?

• You borrow $183,000 at 5.5% interest with any fixed rate and some adjustable rate mortgages

• Your yearly interest in $10,000 in your first year

• Annual MCC credit of $2,000 means you save $166 per month in taxes or $18,867 over 10 years

What’s even better news is that you might be able to qualify for the Home Buyer’s Tax Credit in addition to the MCC if you buy home before April 10, 2010. For further details on the MCC, check the Home Buyers section of the section at the North Carolina Housing Finance Agency (NCHTA) website or call 1-800-393-0988.

Check out my Triangle website and meet the Marti Hampton Team. We can show you the best homes in Raleigh, Cary, Wake Forest, and the surrounding area.

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