Introducing
Prezi AI.
Your new presentation assistant.
Refine, enhance, and tailor your content, source relevant images, and edit visuals quicker than ever before.
Trending searches
Loading…
What is a MCC?
2
Transcript
NMLS# 237341
Helping you afford The American Dream!
In Other Words...
03
It can be used with
Loan Products
Property
Types
GOAL!
RECAPTURE
All three must happen for Recapture to occur
Applying for the MCC
Close the loan.
Wait for the Certificate in mail.
Veterans
Targeted Areas
Check with your loan officer to locate
targeted areas in your county.
You have served for us,
Now we will serve for you.
Qualify the Property
Must be residential in nature and no more than 15% of the total area can be used for any trade or business. No day care properties.
Qualify the Buyer
AKA Home Buyer Tax Credit
Must meet household income limits (takes into account spouse’s income even if not on loan).
3. Must attend 6-8 hour home buyer education course (every person on Warranty Deed).
*Exceptions are available to first time home buyer requirement.
We’ll do the work for you!
Single family homes
Townhomes
Condominiums
Manufactured homes
Mortgage Amount
$115,000
4.25%
Interest Rate
$566.00
Monthly P&I
$4,850
Total Interest Paid
(first 12 mos)
50%
Mortgage Credit Rate
[ $4,850 x 0.5 = 2,425]
$2,000
Maximum First Year Credit Amt.
$2,425 capped to $2,000
A Federal Tax Credit for first-time home buyers.
A Tax Credit, not a Tax Deduction.
A dollar for dollar tax reduction against the home buyer federal tax liability.
A product valued at 50% of the annual interest on
the mortgage loan not to exceed $2,000 (annually).
Can be used every year for the life of the mortgage. Up to $2,000 per year.
Example
Property must be single family home, townhouse, villa, PUD, or condominium.
A MCC is...
Fixed rate loans only
Conventional loans
FHA & VA Loans
USDA Loans
It's like getting up to an additional $2,000 every year just for buying a home.
Purchase price must be below required acquisition limit (consult your loan officer for updated figures).
01
What is a MCC?
Must be first time home buyer* (meaning can’t have owned a home in last 3 years).
02
How does it work?
Sell within the
first 9 Years
Sell at a profit
Have higher income than the program limits at the time of sale.
Refer the loan to Ideal Lending Solutions
Choose a template
Learn more about creating dynamic, engaging presentations with Prezi