What is a Mortgage Credit Certificate?

By Amy Patterson


Mortgage Credit Certificate…those words don’t mean much to most people. So what does a Mortgage Credit Certificate do? Well, the MCC basically helps qualified homebuyers by allowing them to qualify for more home (or a higher loan amount) without upping their income.

I know what you’re thinking…how is that even possible? The MCC gives homebuyers a percentage (usually 25%-30%) of their annual interest payments back. Yeah, you get a portion of your interest payments back – which, on our end, allows for your income to be evaluated with that in consideration and in the end, allows you to qualify for more home.

And the best news is, you can use the MCC on any loan product that you qualify for: FHA, USDA and even VA loans. It’s important to note that there are income restrictions, and other qualifying factors, but why not ask your Stockton mortgage banker if you qualify?

Wanna learn more? Check out this nifty video

Tags: Mortgage, First Time Home Buyers, Home, Homeowners, Home Loans, MCC, Home Buyer