Morgage Credit Certificate Income Limits Per County in NC

Mortgage Credit Certificate Income Limits Per County in NC

Morgage Credit Certificate Income Limits Per County in NCNCHFA offers a great program that allows us to give you a credit for having a mortgage, and the credit generally allows us to qualify you for a little bigger home. The Income Limits for the County you are interested in buying a home in may have changed in 2014.  This is the most up to date information regarding the NCHFA Income Limits per County in NC in 2014.

The Mortgage Tax credit 2014 is available for first time home buyers who will live in the home as your primary residence within 60 days of closing.  We can use the program with FHA Mortgages, USDA Home loans, Conventional Loans (that have a special Grant Program Available)  and VA Loans.  The minimum credit score allowed for this program is between 620 and 640.

Mortgage Credit Certificate Income Limits Per County in NC for 2014

If you are a first time home buyer and meet the guidelines for the county (listed below) and you are purchasing a home under $240,000, you may be eligible for the Mortgage Credit Certificate (MCC) which adds up to an additional $2,000 a year in tax savings. This federal tax credit can lower your income-tax liability, dollar-for-dollar, leaving you more money to use toward your mortgage.

It doesn’t actually lower your payment, the MCC Tax Credit allows you to bring home more money each month to apply to your house payment.  If you qualify, and you meet the Mortgage Credit Certificate Income Limits Per County in NC, you will be able to claim 30% of the interest you pay on your mortgage – up to $2,000 for every year you live in your home – as a tax credit on your federal income taxes.  If the home is brand new – never been lived in for the last 12 months, then you can claim a 50% tax credit!

 

Mortgage Credit Certificate

County1 Person2 Persons3+ Persons
Alamance$56,000.00$56,000.00$64,000.00
Alexander$56,000.00$56,000.00$64,000.00
Alleghany$56,000.00$56,000.00$64,000.00
Anson$56,000.00$56,000.00$64,000.00
Ashe$56,000.00$56,000.00$64,000.00
Avery$56,000.00$56,000.00$64,000.00
Beaufort$56,000.00$56,000.00$64,000.00
Bertie$56,000.00$56,000.00$64,000.00
Bladen$56,000.00$56,000.00$64,000.00
Brunswick$75,000.00$75,000.00$85,000.00
Buncombe$64,500.00$64,500.00$75,000.00
Burke$56,000.00$56,000.00$64,000.00
Cabarrus$75,000.00$75,000.00$85,000.00
Caldwell$56,000.00$56,000.00$64,000.00
Camden$56,000.00$56,000.00$64,000.00
Carteret$56,000.00$56,000.00$64,000.00
Caswell$56,000.00$56,000.00$64,000.00
Catawba$56,000.00$56,000.00$64,000.00
Chatham$81,000.00$81,000.00$85,500.00
Cherokee$56,000.00$56,000.00$64,000.00
Chowan$56,000.00$56,000.00$64,000.00
Clay$56,000.00$56,000.00$64,000.00
Cleveland$56,000.00$56,000.00$64,000.00
Columbus$56,000.00$56,000.00$64,000.00
Craven$56,000.00$56,000.00$64,000.00
Cumberland$56,000.00$56,000.00$64,000.00
Currituck$56,000.00$56,000.00$64,000.00
Dare$83,000.00$83,000.00$85,000.00
Davidson$56,000.00$56,000.00$64,000.00
Davie$61,500.00$61,500.00$70,500.00
Duplin$56,000.00$56,000.00$64,000.00
Durham$81,000.00$81,000.00$85,000.00
Edgecombe$56,000.00$56,000.00$64,000.00
Forsyth$61,500.00$61,500.00$70,500.00
Franklin$75,000.00$75,000.00$85,000.00
Gaston$75,000.00$75,000.00$85,000.00
Gates$56,000.00$56,000.00$64,000.00
Graham$56,000.00$56,000.00$64,000.00
Granville$56,000.00$56,000.00$64,000.00
Greene$56,000.00$56,000.00$64,000.00
Guilford$65,000.00$65,000.00$76,000.00
Halifax$56,000.00$56,000.00$64,000.00
Harnett$56,000.00$56,000.00$64,000.00
Haywood$56,000.00$56,000.00$64,000.00
Henderson$64,500.00$64,500.00$75,000.00
Hertford$56,000.00$56,000.00$64,000.00
Hoke$56,000.00$56,000.00$64,000.00
Hyde$56,000.00$56,000.00$64,000.00
Iredell$67,500.00$67,500.00$78,000.00
Jackson$56,000.00$56,000.00$64,000.00
Johnston$75,000.00$75,000.00$85,000.00
Jones$56,000.00$56,000.00$64,000.00
Lee$56,000.00$56,000.00$64,000.00
Lenoir$57,500.00$57,500.00$66,000.00
Lincoln$57,500.00$57,500.00$66,000.00
Macon$56,000.00$56,000.00$64,000.00
Madison$64,000.00$64,000.00$75,000.00
Martin$56,000.00$56,000.00$64,000.00
McDowell$56,000.00$56,000.00$64,000.00
Mecklenburg$75,000.00$75,000.00$85,000.00
Mitchell$56,000.00$56,000.00$64,000.00
Montgomery$56,000.00$56,000.00$64,000.00
Moore$56,000.00$56,000.00$64,000.00
Nash$56,000.00$56,000.00$64,000.00
New Hanover$75,000.00$75,000.00$85,000.00
Northampton$56,000.00$56,000.00$64,000.00
Onslow$56,000.00$56,000.00$64,000.00
Orange$81,000.00$81,000.00$85,500.00
Pamlico$56,000.00$56,000.00$64,000.00
Pasquotank$56,000.00$56,000.00$64,000.00
Pender$56,000.00$56,000.00$64,000.00
Perquimans$56,000.00$56,000.00$64,000.00
Person$56,000.00$56,000.00$64,000.00
Pitt$56,000.00$56,000.00$64,000.00
Polk$56,000.00$56,000.00$64,000.00
Randolph$65,000.00$65,000.00$76,000.00
Richmond$56,000.00$56,000.00$64,000.00
Robeson$56,000.00$56,000.00$64,000.00
Rockingham$56,000.00$56,000.00$64,000.00
Rowan$56,000.00$56,000.00$64,000.00
Rutherford$56,000.00$56,000.00$64,000.00
Sampson$56,000.00$56,000.00$64,000.00
Scotland$56,000.00$56,000.00$64,000.00
Stanly$56,000.00$56,000.00$64,000.00
Stokes$61,500.00$61,500.00$70,500.00
Surry$56,000.00$56,000.00$64,000.00
Swain$56,000.00$56,000.00$64,000.00
Transylvania$56,000.00$56,000.00$64,000.00
Tyrrell$56,000.00$56,000.00$64,000.00
Union$75,000.00$75,000.00$85,000.00
Vance$56,000.00$56,000.00$64,000.00
Wake$75,000.00$75,000.00$85,000.00
Warren$56,000.00$56,000.00$64,000.00
Washington$56,000.00$56,000.00$64,000.00
Watauga$56,000.00$56,000.00$64,000.00
Wayne$56,000.00$56,000.00$64,000.00
Wilkes$56,000.00$56,000.00$64,000.00
Wilson$56,000.00$56,000.00$64,000.00
Yadkin$61,500.00$61,500.00$70,500.00
Yancey$56,000.00$56,000.00$64,000.00

Because FHA does have the most flexible underwriting guidelines, many NC first time homebuyers look first to the FHA loans that will allow for gift funds and grants for their 3.5% downpayment. They will also allow non-owner occupied Co- Borrowers which really helps the Gen Y folks who are grad students and want to buy a house before they get a real job…

Still have questions about Mortgage Credit Certificate Income Limits Per County in NC? Leave a comment below, or call Steve and Eleanor Thorne 919 649 5058 we’d love to help you make your dreams of home ownership come true with a mortgage loan that’s right for you!  Connect with us on Google Plus and Facebook :)

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