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For first-time homebuyers in Texas, the SETH MCC (Mortgage Credit Certificate) program offers a fantastic opportunity to save money both upfront and over the life of your mortgage. Here’s everything you need to know about this incredible program and how it can benefit you.

What is SETH?

SETH stands for the Southeast Texas Housing Finance Corporation, a program established over four decades ago to assist low-to-moderate-income Texans in purchasing homes. By reducing costs like down payments and closing expenses, SETH makes homeownership more accessible.

What is an MCC?

An MCC (Mortgage Credit Certificate) is a federal program introduced in 1984 through tax reform. Its purpose is simple: to help homebuyers save money by providing a tax credit. Unlike a tax deduction, which reduces your taxable income, a tax credit is direct money back in your pocket. With the SETH MCC, you can enjoy this benefit for the life of your loan.

Unlock the Power of Tax Savings with an MCC

At MortgageMark.com, we believe in helping you achieve homeownership in the smartest way possible. The Mortgage Credit Certificate (MCC) program is a game-changer for eligible homebuyers, offering substantial tax benefits that can make owning a home more affordable.

Key Benefits of the SETH MCC

Tax Credit:

The MCC allows you to claim 20% of your annual mortgage interest as a tax credit.
Example: If you pay $18,000 in interest in a year, 20% of that—$3,600—is yours as a tax credit. That’s an extra $300/month back in your pocket!

$2,500 Grant at Closing:

You’ll receive $2,500 to help with closing costs or your down payment.

Eligibility Across Loan Types:

The SETH MCC works with FHA, USDA, VA, and conventional loans.

Lifetime Benefit:

As long as the home remains your primary residence for at least nine years, the tax credit continues for the life of the loan.

Who Qualifies for an MCC?

The program is designed for low- to moderate-income borrowers purchasing their primary residence. Here’s a breakdown of typical eligibility requirements:

First-Time Homebuyer: You must not have owned a home in the last three years. Exceptions apply for properties in designated targeted areas. Learn more about first-time homebuyer programs.
Income Limits: Your household income must meet program-specific guidelines, which vary by location and family size.
Purchase Price Limits: The home you’re buying must fall within the program’s price limits.
Good News for Veterans: Eligible veterans may qualify without the first-time homebuyer requirement. Explore VA loans here.

Why Choose an MCC?

Here’s why an MCC might be the right choice for you:

Significant Tax Savings: Save thousands of dollars over the life of your loan by reducing your federal income tax liability.
Improved Affordability: Use the savings to qualify for a larger home or make monthly payments more manageable.
Dual Tax Benefits: Combine the MCC credit with standard mortgage interest deductions for maximum savings.
Flexibility: The MCC applies to most loan types, including FHA, VA, USDA, and conventional loans. Explore loan options.

How to Apply for an MCC

Getting started is simple! MortgageMark.com makes the process easy:

Talk to Our Experts: Contact us to see if you qualify for the MCC program. Schedule a consultation.
Work with Our Lenders: We’ll ensure your loan meets MCC requirements and guide you through the application process. Learn more about working with us.
Save Big: Once approved, you’ll start enjoying tax savings from the very first year of homeownership.

Real-World MCC Example: Meet Sarah

Sarah is a first-time homebuyer purchasing a $250,000 home. With a 4.5% interest rate, her annual mortgage interest is $11,250. Her MCC rate is 25%.

Tax Credit: Sarah qualifies for a $2,812.50 MCC credit for the year ($11,250 x 25%).
Additional Savings: She deducts the remaining $8,437.50 in mortgage interest on her federal taxes.

This means Sarah enjoys over $2,800 in direct tax savings while still taking advantage of traditional deductions.

Want to see if you’re eligible? Check your MCC eligibility now.

Ready to Maximize Your Savings with an MCC?

Owning a home doesn’t just build your future—it can save you money today. If you’re ready to take advantage of the MCC program or want to learn more, contact MortgageMark.com. Our team of seasoned professionals is here to answer your questions and help you achieve your homeownership dreams.

Don’t leave money on the table. Let MortgageMark.com show you how the MCC program can turn homeownership into an even smarter investment.