Mortgage Credit Certificates

Mortgage Credit Certificates can help first-time homebuyers reduce the cost of purchasing a home by reducing their tax liability.

How can a Mortgage Credit Certificate benefit me?

You may use Mortgage Credit Certificates (MCC) with any of LGFCU's mortgage products. The tax liability reduction of an MCC makes it more affordable to buy your first home.

You’ll benefit the most when using an MCC in combination with our First-Time Homebuyers Loan and our partnership with the Federal Home Loan Bank of Atlanta First-time Homebuyer Grant Program, which offers assistance with down payment and closing costs.

How does a Mortgage Credit Certificate work?

Certificates are issued from the North Carolina Housing Finance Agency (NCHFA). There are income and sales price limits, so talk to a Credit Union loan officer for details.

These certificates provide a federal income tax credit for 30 percent of the mortgage interest payment each year up to a maximum benefit of $2,000 per year.

The Credit Union processes the MCC request for a non-refundable fee of $475, at the time you finance your mortgage.  

Am I eligible?

You may be eligible if you have never owned a home or haven't owned one in the past three years; you are a military veteran; or you have experienced a catastrophic or natural disaster. You must be a legal resident of the U.S., and must occupy the home within 60 days of closing.

Mortgage Credit Certificates are only available to individuals residing in, and for properties located in, North Carolina.

More information about the program is available at www.nchfa.com

Next Steps

Talk to a loan officer to find out if a Mortgage Credit Certificate is right for you.