The Virginia Housing Development Authority (VHDA) offers a Mortgage Credit Certificate program that allows
An MCC is a dollar-for-dollar credit against the federal income tax they pay. The link to the VHDA video above explains this benefit. Please do not hesitate to call with any questions.
The credit is equal to 20 percent of the mortgage interest paid. In addition, the other 80 percent of mortgage interest paid is still eligible for a tax deduction. The MCC is effective for the life of the mortgage as long as the buyers live in the home.
To be eligible, you must:
If you sell your residence in the first nine years of homeownership, you could be subject to a federal recapture tax. There is a list of ways you are not subject to this recapture tax, so be sure to consult a tax preparer that is familiar with MCC.
You can apply for an MCC through an approved participating lender on the VHDA. For more information, call to attend a class already scheduled or we will try to schedule one fit your schedule - that depends on how much notice we have. You will receive a certificate for attending. 757-932-7422
Rica J Gilmore 144 Shoe Lane, Newport News, VA 23606 757-932-7422
Real Broker, LLC, 27 W 24th St. Suite 1002, New York, NY 10010, O: 855-450-0442
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