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SC Housing Launches Enhanced Mortgage Tax Credit Program
Significant savings benefits for qualified homebuyers
South Carolina homebuyers have a powerful tool to make their mortgages more affordable and save thousands of dollars each year that would have otherwise been paid in taxes. The SC Mortgage Tax Credit Program is a Mortgage Credit Certificate (MCC) Program administered by the South Carolina State Housing Finance and Development Authority (SC Housing) that provides a federal income tax credit to qualified homebuyers of up to $2,000 per calendar year for every year they occupy the home as their primary residence*.
The SC Mortgage Tax Credit Program will allow qualified homebuyers to save thousands of dollars in mortgage interest payments by taking a tax credit of 50 percent on their federal income tax up to a maximum of $2,000 per calendar year. This could result in substantial savings over the life of a mortgage loan savings that the homeowner can keep, rather than paying in taxes.
Spend A Little! Save A Lot!
The cost of the SC Mortgage Tax Credit is just $500, with lenders being able to charge up to an additional $200 processing fee. The cost of obtaining the credit can be paid by the seller of the home as well.
To qualify, a homebuyer must meet certain conditions:
The homebuyer is purchasing a primary residence in South Carolina; AND
The homebuyer is a first-time homebuyer, has not owned a home in the last three years, or buys a home in a targeted county; AND
The homebuyer occupies the home as a primary residence; AND
Household income** falls within the limits established for the county in which the primary residence is being purchased; AND
The purchase price** is within the limits established for the county in which the primary residence is being purchased.
**Household income limits and home purchase price limits vary by household size and by county.