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Texas Department of Housing & Community Affairs: Building Homes. Strengthening Communities.
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MCC Test
1. To qualify for the Mortgage Credit Certificate the Eligible Borrower must:
Choose your answer
Be a first-time homebuyer or purchasing in a targeted community.
Meet certain income and purchase price limits.
Be using the property as their principal residence.
Qualify for the mortgage.
All of the above.
2. True or False: Before applying for a Mortgage Credit Certificate (MCC), eligible borrowers should consult a professional tax advisor to determine the actual benefit of the credit.
Choose your answer
True
False
3. The actual annual benefit of a Mortgage Credit Certificate (MCC) can be up to:
Choose your answer
It is unlimited.
$2,500 each year.
$2,000 each year.
$1,000 each year.
4. Properties that qualify for a Mortgage Credit Certificate (MCC) must:
Choose your answer
Be a single-unit property.
Be selling at or below the Texas Mortgage Credit Certificate MCC program's Purchase Price Limits.
Both a and b.
5. True or False: The Mortgage Credit Certificate (MCC) can be combined with a TDHCA mortgage.
Choose your answer
True
False
6. To utilize the Mortgage Credit Certificate (MCC) benefit the holder must:
Choose your answer
File IRS tax form 8396 each year with their annual federal tax return.
Do nothing since it can only be used once.
Report information to their lender each year.
Call Texas Department of Housing and Community Affairs.
7. True or False: To claim the Mortgage Credit Certificate (MCC) benefit the holder must have a tax liability.
Choose your answer
True
False
8. True or False: Mortgage Credit Certificate holders should adjust their W-4s to take full advantage of the credit.
Choose your answer
True
False
9. To utilize the Mortgage Credit Certificate (MCC) each year the holder must:
Choose your answer
Have an outstanding mortgage balance.
Remain in the home, as their principal residence.
Have no increases in household income.
A and B only.
10. True or False: An individual interested in applying for a Mortgage Credit Certificate may choose any lender to provide the underlying MCC mortgage.
Choose your answer
True
False
11. Who do you contact to see if you qualify for a Texas Mortgage Credit Certificate?
Choose your answer
Underlying Mortgage Lender.
Participating MCC Lender.
TDHCA
Either a or b.
Either b or c.
12. An Eligible Borrower should request a Mortgage Credit Certificate from:
Choose your answer
TDHCA
Participating MCC Lender.
Either A or B
13. True or False: To be required to pay the Recapture Tax, a Mortgage Credit Certificate holder must (a) sell within the first nine years of homeownership; (b) have a significant increase in income; and (c) see a gain or profit from the sale of the home.
Choose your answer
True
False