First-time homebuyers purchasing homes in Fort Bend County now have access to a Mortgage Credit Certificate Program (MCC Program) which is sponsored by the Fort Bend County Housing Finance Corporation. The MCC Program provides an annual nonrefundable tax credit based on the lesser of $2,000 or 35 percent of the interest paid each year on a first-time homebuyer’s mortgage in Fort Bend County, Texas.
“This is a great opportunity for homebuyers living in Fort Bend County,” said Tom Shirley, president of the Fort Bend County Housing Finance Corporation. “Home ownership is the dream of most Americans, and that dream is more attainable with the kind of affordable financing provided with the Mortgage Credit Certificate Program.”
The MCC Program provides applicants with a 35 percent tax credit on mortgage interest paid as long as they live in the home being purchased. The credit is in addition to the standard deduction allowed on federal income taxes, increasing the financial benefit for first-time homebuyers.
To qualify for the MCC Program, participation is restricted to household income of $66,200 for families of two or less and $76,130 for families of three or more. Maximum home purchase price cannot exceed $250,200.
“From my experience assisting many first time homebuyers, the MCC Program is a great benefit and decreases the annual cost of homeownership,” said Shad Bogany, realtor and board member of Fort Bend County Housing Finance Corporation. “To qualify for the program, homebuyers must sign up for the MCC Program during the mortgage application process through one of the participating lenders.”
Participation in the Fort Bend County MCC Program is limited to a set time period. Funds are available on a first-come first-served basis.
For more information on the Fort Bend County Housing Finance Corporation’s MCC Program, interested borrowers should call FirstSouthwest, the administrator for the program, at 877-983-3792.