Finance
The Virginia Housing (formerly VHDA) Mortgage Credit Certificate (MCC) program provides:
AA certificate that guarantees mortgage approval
BA federal income tax credit equal to a percentage of annual mortgage interest paid✓ Correct
CA down payment grant
DA VREB continuing education credit
Explanation
The Mortgage Credit Certificate (MCC) program through Virginia Housing provides eligible first-time buyers with a federal income tax credit equal to a portion of mortgage interest paid annually.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
State-Specific Concepts
Continuing Education
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