Fort Bend County Housing Finance Corporation Announces First-time Homebuyers May Qualify for Mortgage Credit Certificate Which Provides Tax Credit of Up to $2,000 Each Year
FORT BEND COUNTY, TEXAS – May 23, 2013 — First-time homebuyers purchasing homes in Fort Bend County now have access to a Mortgage Credit Certificate Program (MCC Program) which is sponsored by the Fort Bend County Housing Finance Corporation. The MCC Program provides an annual nonrefundable tax credit based on the lesser of $2,000 or 35 percent of the interest paid each year on a first-time homebuyer’s mortgage in Fort Bend County, Texas.
“This is a great opportunity for homebuyers living in Fort Bend County,” said Tom Shirley, president of the Fort Bend County Housing Finance Corporation. “Home ownership is the dream of most Americans, and that dream is more attainable with the kind of affordable financing provided with the Mortgage Credit Certificate Program.”
The MCC Program provides applicants with a 35 percent tax credit on mortgage interest paid as long as they live in the home being purchased. The credit is in addition to the standard deduction allowed on federal income taxes, increasing the financial benefit for first-time homebuyers.
To qualify for the MCC Program, participation is restricted to household income of $66,200 for families of two or less and $76,130 for families of three or more. Maximum home purchase price cannot exceed $250,200.
“From my experience assisting many first time homebuyers, the MCC Program is a great benefit and decreases the annual cost of homeownership,” said Shad Bogany, realtor and board member of Fort Bend County Housing Finance Corporation. “To qualify for the program, homebuyers must sign up for the MCC Program during the mortgage application process through one of the participating lenders.”
Participation in the Fort Bend County MCC Program is limited to a set time period. Funds are available on a first-come first-served basis.
For more information on the Fort Bend County Housing Finance Corporation’s MCC Program, interested borrowers should call FirstSouthwest, the administrator for the program, at 877-983-3792.
About Fort Bend County Housing Finance Corporation
Fort Bend County Housing Finance Corporation is incorporated under and pursuant to the Texas Housing Finance Corporation Act for the purpose of benefiting Fort Bend County homebuyers and renters by financing the cost of residential ownership and development that assists in providing affordable housing options for residents including preservation and increasing the ad valorem tax bases of Fort Bend County. Since the creation of the Fort Bend County Housing Finance Corporation in 1980, the Corporation has assisted over 1,000 families in Fort Bend County purchase their first home. Find more information at fortbendhousing.com.
FirstSouthwest is a Dallas-based diversified investment bank with 26 offices in 14 states (and the District of Columbia) and approximately 400 employees. Renowned as one of the most respected public finance firms in the country, FirstSouthwest has served as financial advisor on more bond and note transactions in the past 10 years than any other firm, ranking No. 1 nationally for nine of the past 10 years1. Ipreo MuniAnalytics also ranks FirstSouthwest as the No. 1 financial advisory firm nationwide for 2012 based on number of issues, and No. 3 based on par amount. FirstSouthwest offers professional experience in asset management, continuing disclosure, capital markets, corporate finance and correspondent clearing among other ancillary services. Since inception in 1946, FirstSouthwest has maintained prominence in the investment banking industry by adhering to the core values of integrity and hard work, in addition to putting clients first. FirstSouthwest is part of the PlainsCapital Corporation family of companies. PlainsCapital is a wholly owned subsidiary of Hilltop Holdings (NYSE:HTH). Find more information at FirstSW.com. Member FINRA / SIPC.
Source: 1Ipreo MuniAnalytics