Understanding Mortgage Credit Certificates - Connie Farmer Ray - featured

SAVANNAH, GA, Aug 18, 2014—The process of obtaining a mortgage can be lengthy, and confusing. With so many different mortgage options available, it's easy for hopeful homebuyers to feel overwhelmed. In the following article, Connie Ray, President/Owner of Coldwell Banker Platinum Partners gives us the rundown on a popular mortgage option: the mortgage credit certificate.

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Connie Farmer Ray
President/CEO Coldwell Banker Platinum Partners
912.352.1222

“A mortgage credit certificate, or MCC, makes it easier for eligible buyers to qualify for a mortgage loan,” explains Ray. Offered by many city and county governments, these certificates allow first-time buyers to take advantage of a special federal income tax write-off, which can be incredibly helpful.
Under MCC programs, the lender can reduce the housing expense ratio – the percentage of gross monthly income applied toward housing expenses – by the amount of the tax savings. Normally, lenders reject loans if the housing expense ratio is too high.
According to Ray, program requirements for MCCs vary, although most adhere to the following guidelines:

• The buyer must live in the home being purchased with an MCC-assisted mortgage.
• Total household income cannot exceed certain limits.
• The buyer cannot have owned a principal residence within the past three years. “This restriction may be waived if a property is purchased within a certain targeted area," notes Ray.
• The purchase price must fall within an established limit.

“When looking to obtain a mortgage, it's important to explore all of your options,” says Ray. More information is available by calling your local housing or redevelopment agency, or contacting your real estate agent.
For more real estate information, please contact Coldwell Banker Platinum Partners at Connie.F.Ray@mycbpp.com, 912-352-1222, or Coldwell Banker Platinum Partners.

Coldwell Banker Platinum Partners, established in 1995, is a full-service real estate firm with more than 100 sales agents strategically dispersed among its office locations spanning from Beaufort, South Carolina, through the greater Savannah area to St. Simons Island, Georgia. The company was founded by Connie Farmer Ray, president and CEO of Coldwell Banker Platinum Partners. In addition to listing and selling residential real estate, Coldwell Banker Platinum Partners’ other divisions include commercial real estate, property management, relocation services, a real estate school, mortgage lending, and a publishing/media division. The company’s corporate offices are located at 6349 Abercorn St., Savannah, Georgia. For more information visit their Web site at www.MyCbpp.com or call 800.505.8111.

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