Mortgage Credit Certificate

Reduce the amount of federal income tax on your mortgage loan
Free up income to qualify for a mortgage
May be combined or used as a stand-alone product It may be combined with MHC’s Smart6 program at a 30-year fixed rate or used as a stand-alone product with a 15, 20, 25, or 30-year term.
First-time homebuyers or previous homebuyers are eligible Eligibility: First-time homebuyers or persons who have not owned a principal interest in a residence in the past three years are eligible. Certain areas of the state called “Target Areas” are exempt from the “first-time homebuyer” rule, and household members’ maximum annual income may not exceed certain income limits.
Specific program requirements for buyer eligibility Program Requirements: Property must be owner-occupied; property must be primary residence; must be a single-family residence; the manufactured home must be HUD-approved; borrower must own or purchase land on which the manufactured home will be sited; cost of the home must be within maximum acquisition cost limits for the county in which property is located; borrower must have available the following: $300 non-refundable reservation fee to participate in the program Sales contract including a legal description of the property Federal Income Tax returns for the past three years and any other documents required by the lender Homebuyer education certificate showing completion of classroom or online course

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