Finance
Iowa's Mortgage Credit Certificate (MCC) program allows eligible first-time homebuyers to:
AReceive a cash grant at closing
BClaim a federal income tax credit for a portion of annual mortgage interest paid✓ Correct
CObtain a zero-interest down payment loan
DAvoid paying private mortgage insurance
Explanation
An MCC converts a portion of the mortgage interest deduction into a dollar-for-dollar federal income tax credit, reducing the buyer's federal tax liability. The Iowa Finance Authority administers the MCC program for qualifying Iowa first-time homebuyers.
Related Iowa Finance Questions
- An Iowa buyer purchases farmland using an FSA (Farm Service Agency) loan. What agency administers FSA loans?
- Iowa's secondary mortgage market allows lenders to:
- Iowa's 1031 (like-kind) tax-deferred exchange allows an Iowa investor to:
- Iowa's rural housing market may benefit from USDA Section 515 loans, which provide:
- Iowa's HMDA (Home Mortgage Disclosure Act) reporting requirements help the public and regulators identify:
- Iowa's graduated payment mortgage (GPM) is characterized by:
- Iowa's Community Reinvestment Act (CRA) obligations require banks to:
- Iowa's promissory note is the borrower's:
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →