As a First-time home buyer or Military Veteran, you may be eligible for the Mortgage Credit Certificate program (MCC). The MCC is a golden opportunity for you to receive a $2,000 tax credit every year for up to 25 years. There is an initial investment cost of $500 and an annual administration fee of $100. If you are eligible to purchase a home, this is a great investment for you as a home buyer. All of the details of this program can be found on the Community Investment Corporation website - https://cictucson.org/mcc/. THIS IS NOT A TAX DEDUCTION! This is a dollar-for-dollar tax credit of $2,000 or 40% of the mortgage interest paid, whichever is lower. A buyer with a $200,000 mortgage and an interest rate of 6% will pay almost $12,000 in interest the first year so the tax credit will be $2,000 for year to come. Who qualifies: Eligible buyers will be first-time buyers or United States military veterans. A first-time buyer can be anyone that has not owned a home in the last three years. Income limits: In Pima County, the income limits is $87,840 for families of 2 or fewer and $102,480 for families of 3 or more. Purchase price limits: For a 1-unit home, the purchase price limit in Pima County is $381,308. For a 2-unit dwelling, the purchase price limit is $488,215. Remember, this is a tax credit so even if you are owed a refund, you will get a credit. If your refund would have been $1,500 BEFORE the tax credit, your refund will be $3,500 AFTER the credit is applied. The MCC must be applied for BEFORE the close of escrow. It's not too late to make a New Year's resolution and I resolve to check eligibility for all of my first time buyers and veteran buyers because the return on investment is too big to pass up. Reach out and let me know how I can help!!