9 facts about the program for first-time homebuyers that gets no love

  • Mortgage Credit Certificates (MCCs) are highly underused and can help homebuyers qualify for a loan in participating states.
  • The MCC is first-come, first-serve -- so homebuyers will want to take advantage of it early in the fiscal year.
  • The MCC's definition of a first-time homebuyer is someone who has not owned a home in the past three years.

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Mortgage Credit Certificates (MCCs) are an attractive option for homebuyers hoping to qualify for a loan in states that run the program. As the program’s tax credits can be used as qualifying income, lenders will underwrite to a higher purchase price than they would otherwise.