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new to home owner questions.

I bot my house last month and my CPA preparing my documents and tax receipts now for 2019 tax filling. She is asking me for a mortgage credit certificate. I feel stupid to ask her what this is and maybe I do not have. Thank you for your help from someone who is very new to home owner questions. by el.hoode972 from Buckeye, Arizona. Aug 30th 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

So.. there is an option for first time home buyers to obtain a mortgage credit certificate (MCC). It would have been done upfront when you applied for your mortgage. This allows you to get a tax credit for mortgage interest you paid, and it's offset against income taxes owed. This credit can be carried forward for 3 years, and the amount varies based on your specific scenario. Realistically, this is, in most cases, not a good option. Reason being is because the funds you collect with this certificate are subject to repayment if you sell or move out of your home inside the first 9 years. And since it's only available to first time home buyers, it's typical for your first home to be a stepping stone to a different home as you get older and your needs change. The overwhelming majority of folks who obtain this certificate end up having to pay back the funds. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Aug 30th 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

If you did a regular standard loan of any kind, you do not have any MCC (Mortgage Credit Certificates). If you did a first time home buyer program, you may have gotten one, but again, probably not. If you did, your Loan Officer probably would have discussed it in detail, and you would have had to sign additional special paperwork talking about it.

Sep 8th 2019
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