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Mortgage Credit Certificate (MCC)

 
It's two for one for first-time homebuyers closing before December 1, 2009 on home purchases in Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano and Williamson Counties.  

Qualified buyers may use the one-time $8,000 federal income tax credit and the Capital Area HFC mortgage credit referred to as an MCC.  The MCC allows homebuyers to take 30% of their annual mortgage interest (up to $2,000) as a federal income tax credit.  The credit is limited to the homebuyers actual tax liability but unused credit may be carried forward for up to three years.   The other 80% of annual mortgage interest continues to be claimed as a deduction.

The MCC benefit may be claimed each year of the mortgage term as long as the property remains the homebuyer’s principal residence.    

The MCC credit may help qualify homebuyers during the credit underwriting process.  

Homeowners may change their federal income tax withholding to increase their take home pay or receive the benefit as a lump sum when they file their annual federal income tax return.  Again, the benefit is limited to actual federal income tax liability.

Example:
Homebuyer receives $140,000 mortgage at a 30 year fixed rate of 5.00%
First year interest = $6,953.09 x 30% MCC credit = $2,085.92
Maximum MCC first year tax credit = $2,000
 

To Qualify for the MCC --

  • Homebuyers must not have owned their primary residence in the last three years **
  • Their income cannot exceed

    Bastrop, Caldwell, Hays, Williamson     
     1-2 person households = $73,300    
     3 or more person households = $84,295

    
Blanco    
     1-2 person households = $64,311     
     3 or more person households = $73,958   

    
Burnet    
     1-2 person households = $64,651     
     3 or more person households = $74,349  

    
Fayette    
     1-2 person households = $64,800   
     3 or more person households = $74,602  

    
Lee    
     1-2 person households = $63,120   
     3 or more person households = $73,640
 
    
Llano   
     1-2 person households = $60,960   
     3 or more person households = $71,120  

  • The purchase price of the home cannot exceed = $258,690

 

** The Veterans Exception allows Veterans who were discharged other than dishonorably to qualify even if they owned a home in the last three years.

The MCC may ONLY be used with amortizing, fixed-rate FHA, VA, or conventional loans that are acceptable to Fannie Mae or Freddie Mac.  The credit cannot be used in conjunction with a mortgage revenue bond loan.

In addition to normal, reasonable and customary closing costs, MCC fees at closing are limited to a 0.75% fee to Capital Area HFC; $270 to the Program Administrator and lenders may collect up to $75.

All those named on the Deed/Mortgage must attend Homebuyer Education prior to closing. It must be provided by either Frameworks or Business and Community Lenders of Texas (BCL).   Frameworks offers face-to-face training.  BCL offers face-to-face training and online training.   Buyers may choose the type of training they prefer. 


FRAMEWORKS COMMUNITY DEVELOPMENT CORPORATION   
701 Tillery St., Suite # A-7B, Austin, Texas 78702
Cost: Free
- English:  Choose either the second or fourth Saturdays of the month 8am - 4pm
- Spanish: Class held the third Saturday of the month 8am - 4pm
Also required is a one hour 1-on-1 counseling with a counselor to discuss credit, mortgage, qualification, etc.
Register online at http://www.frameworkscdc.org
Those without computer access may call 512-385-1500 and speak with an intake specialist  

BUSINESS AND COMMUNITY LENDERS OF TEXAS (BCL)
2212 S. Congress  Austin, Texas 78704
Cost:
$50 paid by borrower who will be reimbursed by CAHFC at closing with a $50 credit off the Cap Area fee
Register:  512-912-9884  Racquel Valdez
- English and Spanish classes offered

 

The next step is to contact a Lender.  Lenders who provide the MCC include:  

Capital Area Housing Finance Corporation
2009 First-Time Homebuyer Program Participating Lender List rev 10-15-09
 

Company Name Phone e-mail
Ameripro Funding Trish Harris 512-583-0193 tharris@allhomesteam.com
Ameripro Funding Linda Knowles-Katz 512-809-3310 lknowles-katz@landmtg.com
Ameripro Funding Richard Moore 512-583-0991 rmoore@landmtg.com
Colonial National Mortgage Lisa Lewis 512-238-3036 lisal@colonialsavings.com 
Colonial National Mortgage Cheryl Darter 512-904-1191 cheryld@colonialsavings.com 
Cornerstone Mortgage Harper Ray 512-314-7333 hray@houseloan.com
DHI Mortgage Eddie Garza de Haro 512-502-0545  egarza@dhimortgage.com
DHI Mortgage Lori Frazier 512-533-1353 ljfrazier@dhimortgage.com
DHI Mortgage Patricia Wagner 512-533-1369 pwagner@dhimortgage.com
iMortgage Olivia Lerma 512-485-7964 olivia.lerma@imortgage.com
iMortgage Kevin Hay 512-685-6661 kevin.hay@imortgage.com
iMortgage Jaquel Burns 512-485-3575 jaquel.burns@imortgage.com
iMortgage Laura Fraunhofer 512-485-3575 laura.fraunhofer@imortgage.com
iMortgage Cecilia Williams 512-485-3575 cecilia.williams@imortgage.com
iMortgage Misty Lynch 512-485-7970 misty.lynch@imortgage.com
iMortgage Amanda Stewart 512-685-6661 amanda.stewart@mshmortgage.com
Mission Mortgage Cindy Fenley 512-328-0400 cfenley@missionmortgage.com
Mission Mortgage Robert Bowker 512-328-0400 rbowker@missionmortgage.com
Mission Mortgage Debbie Bailey Glenn 512-328-0400 dglenn@missionmortgage.com
Prime Lending Candy Buzan 512-716-3500 cbuzan@primelending.com
Prime Lending Jack Loughborough 512-381-4790 jackl@primelending.com
888-563-0718 www.jackloughborough.com
Prime Lending Rhonda Neeley 512-560-3429 rneeley@primelending.com
Prime Lending Brian Patschke 512-716-3502 bpatschke@primelending.com
Prime Lending Missy Driskell 512-964-1864 mdriskell@primelending.com
Prime Lending Mary Kennedy 512-869-7871 mkennedy@primelending.com
Prime  Lending Amy Oehler 512-592-5475 amy@primelending.com
Prime Lending Mary Kennedy 512-869-7871 mkennedy@primelending.com
United Lending Jeff Macy 512-674-5654 jeff.macy@unitedlendingusa.com
United Lending Kristi Black 512-595-5445 krisit@themcmillanteam.com
United Lending David McMillan 512-592-5444 david@themcmillanteam.com
United Lending Silvia Ward Cohen 512-589-2545 silvia@silviaward.com
United Lending Michael Brandt 512-922-3144 michael@unitedbrandt.com
United Lending Ashley Anderson 512-413-1332 ashley@ashleyaustinanderson.com
United Lending Diane Rendon 254-732-2832 diane.rendon@unitedlending.com
United Lending Chad Bowman 512-646-0800 chad@chadbowman.com
United Lending Michael Leseten 512-947-7376 michael.leseten@unitedlendingusa.com
United Lending Ed Cortes 512-592-5461 ed.cortes@unitedlendingusa.com
United Lending Eli Ontiveroz 512-592-5459 eli.ontiveroz@unitedlendingusa.com
United Lending Melanie Tallaferro 512-825-1196 melanie.tallaferro@unitedlendingusa.com
United Lending Susan Nelms 512-592-5473 susan@nelmsteam.com
United Lending James Moseley 512-517-0997 james.moseley@unitedlendingusa.com
United Lending Cesar Favela 512-637-9808 cesar.favela@unitedlendingusa.com
United Lending Shaun Haywood 512-592-5457 shaun.haywood@unitedlendingusa.com
United Lending Jeff Macy 512-674-5654 jeff.macy@unitedlendingusa.com
Universal American Mortgage June Hartofilax 512-771-7181 junehartofilax@uamc.com
Universal American Mortgage Ann Lopez 512-525-3891 annlopez@uamc.com
Universal American Mortgage Lisa Swarts 512-418-0550 lisaswarts@uamc.com
Universal American Mortgage Michelle Kreger 512-418-0550 michellekreger@uamc.com
WR Starkey Mortgage Linda Preece 512-785-2533 lpreece@wrstarkey.com
WR Starkey Mortgage Jan Hill 512-431-5223 janhill@wrstarkey.com
WR Starkey Mortgage Julie Black 512-306-6357 jblack@wrstarkey.com
Prime Lending, A PlainsCapital Company   Antonio Garganta III  512-716-3517  apply online:  www.antoniogarganta.com