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What is A MCC ?

The MCC is a Federal Income Tax Credit program. An MCC provides a double bonus. It increases the loan amount you qualify for and it increases your take-home pay. The MCC entitles you to take a federal income tax credit of thirty-five percent (35%) of the annual interest you pay on your home mortgage. Because the MCC reduces your federal income taxes and increases your net earnings, it is a great help in qualifying for your first home mortgage. But it doesn’t stop there. The MCC is registered with the IRS, and it continues to decrease your federal income taxes each year for as long as you live in your home. This program is one of the many that AHFA and HomeTown Mortgage Services specialize in to make your new home purchase a successful one. Please see some of the other home loan information below as well as always feel free to contact one of our loan officers for additional information on the Alabama MCC Program.

Benefits of the MCC Program

The AHFA MCC Program has several benefits. This program is a great home loan resource when buying your first home or meeting any type of home loan need. The borrower also has the ability to combine this program with USDA 100% home loans, Alabama Bond’s Step Up loan program, or even use it in conjunction with the standard FHA home loan. Click here to see how you can benefit from this program.

Income Limits

The Alabama Housing Finance Authorities MCC program ,has income limits. These income limits apply differently in targeted and non-targeted areas. Click here is see more info on the MCC Income Limits.

MCC Sales price Limits

This AHFA Program requires certain sales price limits. These limits again will revolve around the location of the property that you are buying. Make sure you contact us at HomeTown Mortgage Services is see if the home you are purchasing is in a “targeted’ or ” non – targeted ” area. To see more information of sales price limits with the MCC program click here.

The MCC program not for you? Try AHFA’s Step-Up program

The Alabama Step-Up program is one of Alabama’s most trusted lending options. With the difficulties in today’s economy the pool of home buyers has been put under allot of strains when looking at a home purchase. Alabama Housing Bond Loan could be the answer for you and your family’s home loan. Using the FHA home loan as the primary the Alabama Housing Bond Step-Up program will loan 3% of the required FHA 3.5% down payment. This down payment assistance can and has helped many families here in Alabama with their home purchase. Please click here for more information on AHFA’s Step-Up program.

Don’t Let Your Credit Get in the Way !

We have worked with hundreds of clients to get them where they need to be with their credit score. This is a free service with only one goal. To get your score ready to buy a home. You have two options. I would suggest looking at both. I would sign up for the credit video class. You should see the sign up on the right side of this screen. You can also click on the photo below to be re-directed to our Credit Answer section. Good Luck.