This past week I took a short course from the Virginia Housing Development Authority (VHDA) about a mortgage credit certificate (MCC).
The MCC is a tax credit subtracted from the amount of federal income tax you owe.
With the MCC, your clients could save thousands of dollars every year on their taxes. VHDA loans are designed for first-time homebuyers so make sure your clients know about the program!
To be eligible for an MCC, your client must:
- Be a first-time homebuyer or not own a home as a primary residence within the past three years.
- Have income at or below the maximum household income limits.
- Purchase a home below the maximum sales price.
- Use the home as his.her principal residence.
As always, you can call me with questions at 757-490-4726 or click here to send me an email.