Qualified first-time homebuyers in Oklahoma County can now lower their federal tax liability with a Mortgage Credit Certificate from the Oklahoma County Home Finance Authority.
The program allows a direct credit for a portion of mortgage interest up to $2,000 per year for the life of the mortgage.
“The program is an important resource offered by Oklahoma County that make quality housing available to homebuyers,” said District 1 Commissioner Willa Johnson. “By using this credit, Oklahoma County residents can reduce their tax burden and keep more of their hard-earned money.”
The program provides for a credit of 40 percent of the annual mortgage interest paid, not to exceed $2,000.
“In five years,” said District 2 Commissioner Brian Maughan, “homebuyers would be able to save up to $10,000 on their federal income taxes. That savings continues each year for the life of the mortgage.”
Eligibility requirements include being approved for a mortgage and income limits of $60,660 for a family of up to two and $69,690 for a family of three or more. The maximum single-family home price is $215,000. Other restrictions include limited prior homeownership interest, and purchasing the home as a primary residence.
“The Oklahoma County economy continues to grow, particularly through investment in homeownership,” said District 3 Commissioner Ray Vaughn. “By qualifying for (a Mortgage Credit Certificate), more first-time homebuyers will be able to receive a mortgage and move into their first home.”
MCCs are available on a first-come, first-served basis through participating lenders and are not transferable. Participating lenders include Cornerstone Mortgage, WEOKIE Credit Union, Citywide Mortgage, Bank of America, Wells Fargo Home Mortgage, SpiritBank and First Mortgage.
For more information, contact a participating lender or the Oklahoma County Home Finance Authority at 270-1388 or email@example.com.