by Scott Schang
April 28, 2008
PROGRAM SUMMARY
A Mortgage Credit Certificate (MCC) entitles qualified home buyers to reduce the amount of their federal income tax liability by an amount equal to a portion of the interest paid during the year on a home mortgage. This tax credit allows the buyer to qualify more easily for a loan by increasing the effective [...]
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by Scott Schang
April 27, 2008
The 30-year amortized loans will have an interest rate approximately 1% below the market rate for first mortgages. (Current second mortgage rate is 5%.) The OCHT will work with a variety of financial institutions to provide the first mortgages and allow additional subsidies from city, county and state government or other programs that the borrower [...]
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