Here’s some requirements;
1. Buyers must not have owned a home in the previous three years.
2. Buyers must meet income and purchase price restrictions.
3. Buyers must intend to use the new home as a primary residence.
4. The federal government considers the MCC tax credit to be a subsidy so you may be subject to federal recapture tax IF you sell your home within the first 9 years, you sell at a gain or your income increases above the allowable limits.
Yes there are some income limitations, but they seem to be pretty high so I don’t think that will be an obstacle for most, you’ll have to check your county to see what they are in your area. Plus there are purchase price limitations but overall this is a fantastic program for the first time home buyer.
For more information on what is a mortgage credit certificate and how it can help you qualify for a home loan contact your local state or county housing department or a qualified mortgage professional in your area or by all means please call me.
IRS link for even more info;
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