IHDA MCC Tax Credit Helps Illinois First Time Home Buyers! - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Wednesday, November 10, 2010

IHDA MCC Tax Credit Helps Illinois First Time Home Buyers!

Thinking about buying a new home? Did you miss the deadline for the $8,000 homebuyer tax credit that required a sales contract by April 30, 2010? Well, the Illinois Housing and Development Authority (IHDA) may have a solution for you that surpasses the home buyer tax credit which expired at the end of April.

The MCC (Mortgage Credit Certificate) tax credit allows a qualified first time homebuyer to use 20% of their annual mortgage interest as a dollar for dollar tax credit up to $2,000 annually. To qualify, a buyer must meet IHDA’s posted income limitations based on household size.

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