Texas Mortgage Credit Program

What is a Mortgage Credit Certificate?  A Mortgage Credit Certificate  allows the homebuyer to claim a tax credit for some portion of the mortgage interest paid per year.  It is a dollar for dollar reduction against their federal tax liability. Note:  The Mortgage Interest Credit (MCC) is a non-refundable tax credit, therefore, the Homebuyer MUST have tax liability in order to take advantage of the tax credit.

Who is eligible to receive an MCC?  The program is open to those individuals and families who:

  • meet income and home purchase requirements;
  • have not owned a home as primary residence in the past three (3) years;
  • meet the qualifying requirements of the mortgage loan;
  • will use the home as their principal/primary residence.

Note:  The MCC may not be used in connection with the refinancing of an existing loan.  Targeted Areas

You Can Overcome a Bad Credit Problem and Qualify for a Home in Austin Texas


Special Programs and Ways to Qualify for a Home

Not long ago, the most popular advice would have been to look for sub-prime lenders. They took clients with poor credit who could provide the down payment for the homes. Because of the severe nationwide economic problems caused by having too many of these loans, there aren’t many of this kind of lender around anymore, and all lenders are being a lot more cautious. There still may be some lenders who specialize in helping people with troubled credit to get their home loans, however. You can check these mortgage lenders on the Internet and conveniently compare terms and rates. One convenient thing with online lenders, you don’t have to visit an office just for inquiries. Applications are processed fairly quickly.

If you are serious about looking around, different kinds of opportunities or methods are always available. There are Housing and Urban Development (HUD) homes, for example. They don’t have closing costs. Or you could find a home, in Austin, that has been foreclosed near your area for a very low price. You can find HUD homes online and if you qualify, you should be able to look into getting government financing help. For you to qualify for a HUD home, you must show proof that you can pay off the loan, though the loan terms are frequently easier to live with than with regular programs.

If HUD homes that you find are still more than your budget, go around town and look for unoccupied houses. Chances are the owners are in nursing homes or have moved and their children would want to get rid of it rather than keep it up. You might be able to get a property in this situation very inexpensively it would be easy to qualify for a loan – and with troubled credit, this is a good start for you to qualify for a home. It takes determination, skill and research to do it. If you seriously work hard at it, though, even in this challenging economy, you can do it.


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This site is intended for clients that are not currently registered with a Broker. If you have a current Buyers Representation Agreement signed with another Texas real estate Broker, please contact your Agent or Broker. Texas Real Estate Commission Consumer Protection Notice