(Forms and applications below)
All lending partners must complete the MCC LENDING PARTNER APPLICATION, sign the SC MORTGAGE TAX CREDIT AGREEMENT and return the forms to SC Housing with a $500.00 application fee. A renewal fee of $200.00 will be due ANNUALLY THEREAFTER.
What is A SC Mortgage Tax Credit?
The SC Mortgage Tax Credit also known as a Mortgage Credit Certificate (MCC) is a certificate that allows a homebuyer to take a federal income tax credit for a portion of the annual interest they pay on their mortgage loan. The MCC allows eligible borrowers to take a dollar for dollar federal tax credit of 50% of the mortgage interest they pay annually. It can save a borrower up to $2,000 each year they occupy the home. The remaining 50% of the mortgage interest can still be deducted from their annual income on their tax return. The MCC can be taken each year for the life the loan as long it is their primary residence. A borrower can never deduct more than their actual tax liability after other deductions.
Please direct any questions to Claude Spurlock at 803-896-2211.
(Forms and applications can be obtained at the link below)