NCHFA 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 a little bit, some NC County MCC Limits went up by 2 thousand dollars, a few went down by as much as six thousand dollars. This is the most up to date information regarding the NCHFA Income Limits for the Mortgage Tax Credit per County in NC in 2022.
The Mortgage Tax credit 2022 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 Down Payment Assistance 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 2022
If you are a first time home buyer and meet the guidelines for the county (listed below) and you are purchasing a home under $385,000, 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. This is one of the programs that survived the Tax Reform Bill in Congress at the end of 2020.
This program adds a tremendous amount to a borrowers qualifying power, and we use it for everyone who qualifies Not all lenders offer the program, so if you think you qualify, be sure to ask about it! You can NOT become eligible for the program AFTER you purchase a home. This is a program that must have the paperwork completed PRIOR to buying your home.
The Income limits for this program are based upon HOUSEHOLD income. Meaning everyone over the age of 18 that is going to live in the house has to show their income for the past 3 years. If someone is a student, we will need school transcripts. So even if a grandparent is living in the home, and will not be on the mortgage, their retirement income will count towards this household income limit.
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!
The Mortgage Credit Certificate credit of up to $2000 a year is available to you for each year you live in the home as a primary residence You can see that after 5 years, you will realize up to a $10,000 benefit! There is an administration fee charged by NC Housing for this program of $475. This fee will be included in your closing costs.
Mortgage Credit Certificate Income Limits Per County in NC 2019
There’s a new program available in NC that uses the Mortgage Credit Certificate Income Limits per County in NC to provide $8000 in down payment assistance. The program does NOT allow us to use the actual MCC Credit – it only uses these income limits to determine if you qualify for the program.
There are other down payment assistance programs available through NC Housing that DO allow us to take advantage of the Mortgage Tax Credit, so it’s important to speak with us about the best program for your unique situation. USDA and Veteran Home Loans qualify for the MCC Tax Credit. We focus most of our business on First Time Home Buyers, and we are very familiar with all of these programs!
For purposes of this program, a First Time Home Buyer is considered anyone who has not owned a PRIMARY residence, that they have lived in, for the past 3 years. Veterans do have a one-time exception to this rule. Folks who have been divorced, or who are renting out another home will qualify – as long as they have not lived in the property during the past 3 years.
|
Mortgage Credit Certificate |
|||
|---|---|---|---|
| County | 1 Person | 2 Persons | 3+ Persons |
| Alamance | $81,000.00 | $81,000.00 | $93,000.00 |
| Alexander | $93,000.00 | $93,000.00 | $107,000.00 |
| Alleghany | $96,000.00 | $96,000.00 | $112,000.00 |
| Anson | $96,000.00 | $96,000.00 | $112,000.00 |
| Ashe | $96,000.00 | $96,000.00 | $112,000.00 |
| Avery | $96,000.00 | $96,000.00 | $112,000.00 |
| Beaufort | $96,000.00 | $96,000.00 | $112,000.00 |
| Bertie | $96,000.00 | $96,000.00 | $112,000.00 |
| Bladen | $96,000.00 | $96,000.00 | $112,000.00 |
| Brunswick | $86,000.00 | $86,000.00 | $99,000.00 |
| Buncombe | $80,000.00 | $80,000.00 | $92,000.00 |
| Burke | $93,000.00 | $93,000.00 | $107,000.00 |
| Cabarrus | $96,000.00 | $96,000.00 | $110,000.00 |
| Caldwell | $93,000.00 | $93,000.00 | $107,000.00 |
| Camden | $93,000.00 | $93,000.00 | $107,000.00 |
| Carteret | $85,000.00 | $85,000.00 | $98,000.00 |
| Caswell | $96,000.00 | $96,000.00 | $112,000.00 |
| Catawba | $93,000.00 | $93,000.00 | $107,000.00 |
| Chatham | $95,000.00 | $95,000.00 | $109,000.00 |
| Cherokee | $96,000.00 | $96,000.00 | $112,000.00 |
| Chowan | $96,000.00 | $96,000.00 | $112,000.00 |
| Clay | $96,000.00 | $96,000.00 | $112,000.00 |
| Cleveland | $96,000.00 | $96,000.00 | $112,000.00 |
| Columbus | $96,000.00 | $96,000.00 | $112,000.00 |
| Craven | $85,000.00 | $85,000.00 | $98,000.00 |
| Cumberland | $96,000.00 | $96,000.00 | $112,000.00 |
| Currituck | $93,000.00 | $93,000.00 | $107,000.00 |
| Dare | $91,000.00 | $91,000.00 | $105,000.00 |
| Davidson | $90,000.00 | $90,000.00 | $104,000.00 |
| Davie | $82,000.00 | $82,000.00 | $94,000.00 |
| Duplin | $96,000.00 | $96,000.00 | $112,000.00 |
| Durham | $95,000.00 | $95,000.00 | $109,000.00 |
| Edgecombe | $96,000.00 | $96,000.00 | $112,000.00 |
| Forsyth | $82,000.00 | $82,000.00 | $94,000.00 |
| Franklin | $110,000.00 | $110,000.00 | $126,000.00 |
| Gaston | $96,000.00 | $96,000.00 | $110,000.00 |
| Gates | $96,000.00 | $96,000.00 | $112,000.00 |
| Graham | $96,000.00 | $96,000.00 | $112,000.00 |
| Granville | $96,000.00 | $96,000.00 | $112,000.00 |
| Greene | $96,000.00 | $96,000.00 | $112,000.00 |
| Guilford | $88,000.00 | $88,000.00 | $101,000.00 |
| Halifax | $96,000.00 | $96,000.00 | $112,000.00 |
| Harnett | $86,000.00 | $86,000.00 | $99,000.00 |
| Haywood | $87,000.00 | $87,000.00 | $100,000.00 |
| Henderson | $80,000.00 | $80,000.00 | $92,000.00 |
| Hertford | $96,000.00 | $96,000.00 | $112,000.00 |
| Hoke | $96,000.00 | $96,000.00 | $112,000.00 |
| Hyde | $96,000.00 | $96,000.00 | $112,000.00 |
| Iredell | $90,000.00 | $90,000.00 | $104,000.00 |
| Jackson | $93,000.00 | $93,000.00 | $107,000.00 |
| Johnston | $110,000.00 | $110,000.00 | $126,000.00 |
| Jones | $96,000.00 | $96,000.00 | $112,000.00 |
| Lee | $96,000.00 | $96,000.00 | $112,000.00 |
| Lenoir | $96,000.00 | $96,000.00 | $112,000.00 |
| Lincoln | $89,000.00 | $89,000.00 | $103,000.00 |
| Macon | $96,000.00 | $96,000.00 | $112,000.00 |
| Madison | $80,000.00 | $80,000.00 | $92,000.00 |
| Martin | $96,000.00 | $96,000.00 | $112,000.00 |
| McDowell | $96,000.00 | $96,000.00 | $112,000.00 |
| Mecklenburg | $96,000.00 | $96,000.00 | $110,000.00 |
| Mitchell | $96,000.00 | $96,000.00 | $112,000.00 |
| Montgomery | $96,000.00 | $96,000.00 | $112,000.00 |
| Moore | $87,000.00 | $87,000.00 | $100,000.00 |
| Nash | $96,000.00 | $96,000.00 | $112,000.00 |
| New Hanover | $90,000.00 | $90,000.00 | $104,000.00 |
| Northampton | $96,000.00 | $96,000.00 | $112,000.00 |
| Onslow | $96,000.00 | $96,000.00 | $112,000.00 |
| Orange | $95,000.00 | $95,000.00 | $109,000.00 |
| Pamlico | $95,000.00 | $95,000.00 | $110,000.00 |
| Pasquotank | $96,000.00 | $96,000.00 | $112,000.00 |
| Pender | $80,000.00 | $80,000.00 | $92,000.00 |
| Perquimans | $96,000.00 | $96,000.00 | $112,000.00 |
| Person | $96,000.00 | $96,000.00 | $112,000.00 |
| Pitt | $89,000.00 | $89,000.00 | $102,000.00 |
| Polk | $96,000.00 | $96,000.00 | $112,000.00 |
| Randolph | $88,000.00 | $88,000.00 | $101,000.00 |
| Richmond | $96,000.00 | $96,000.00 | $112,000.00 |
| Robeson | $96,000.00 | $96,000.00 | $112,000.00 |
| Rockingham | $96,000.00 | $96,000.00 | $112,000.00 |
| Rowan | $92,000.00 | $92,000.00 | $106,000.00 |
| Rutherford | $96,000.00 | $96,000.00 | $112,000.00 |
| Sampson | $96,000.00 | $96,000.00 | $112,000.00 |
| Scotland | $96,000.00 | $96,000.00 | $112,000.00 |
| Stanly | $89,000.00 | $89,000.00 | $103,000.00 |
| Stokes | $82,000.00 | $82,000.00 | $94,000.00 |
| Surry | $86,000.00 | $86,000.00 | $99,000.00 |
| Swain | $96,000.00 | $96,000.00 | $112,000.00 |
| Transylvania | $94,000.00 | $94,000.00 | $108,000.00 |
| Tyrrell | $96,000.00 | $96,000.00 | $112,000.00 |
| Union | $96,000.00 | $96,000.00 | $110,000.00 |
| Vance | $96,000.00 | $96,000.00 | $112,000.00 |
| Wake | $110,000.00 | $110,000.00 | $126,000.00 |
| Warren | $96,000.00 | $96,000.00 | $112,000.00 |
| Washington | $96,000.00 | $96,000.00 | $112,000.00 |
| Watauga | $82,000.00 | $82,000.00 | $94,000.00 |
| Wayne | $96,000.00 | $96,000.00 | $112,000.00 |
| Wilkes | $96,000.00 | $96,000.00 | $112,000.00 |
| Wilson | $87,000.00 | $87,000.00 | $101,000.00 |
| Yadkin | $82,000.00 | $82,000.00 | $94,000.00 |
| Yancey | $96,000.00 | $96,000.00 | $112,000.00 |
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 DPAs for their 3.5% down payment. 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…
There is a Recapture feature to this Tax Credit.
If you use the Mortgage Tax Credit, and sell the home within 9 years, realize a profit on the sale of the home AND have a significant gain in household income can trigger a Mortgage Tax Credit Recapture. In a situation where all three of those things occur, then a portion of the money that you received in credit from the Federal Government might be owed back.
In the last few years, less than 3% of home owners paying off a mortgage with a MCC had a Mortgage Tax Credit Recapture of any kind.
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 
I closed on my house in October 2014! Do I get a tab credit for taxes.
Marjerie – unfortunately, this must be done BEFORE you close on your home. Many mortgage lenders in NC do not offer the program…
I would love u help me to got my house thank you advance my phone is 562-374-4282
If my retired grandmother is going to be living with me. Can she be included as a person? She’s not going to be working. And would i need to add her to the loan?
Yes, your grandmother’s retirement income can be used to qualify you for the loan, and it would be used to calculate household income to see if you are going to be over the limit.
Thanks for your response Eleanor. Just to be clear, she would have to be added as a co-borrower? Or I could just list her on my Form 16 with her income?
No, she doesn’t have to be a co-borrower. You can just list her for household income purposes. Sorry.
what proof would i need to provide if a family member is staying with me and she’s on bed rest?
and is there verification i would need besides an award letter?
We will need to see the money being deposited into your checking account.
Do you report them on your tax return? That might help?
My husband bought a house 4 years ago before we were married or lived together. The lender used MCC on the HUD. Since we lived together before the next tax filing, we never applied for the tax credit since our incomes would exceed the household limit. If we sell the house withing this 4/5th year, will we have to pay a recapture fee even though we never used the tax credit?
If you never claimed it, you should have a penalty – but the best thing to do is to contact NC Housing their number is (919) 877-5700. I apologize for the delay, we’ve been on vacation!
If I am using a va loan for a 117$ home and I make 43$ a year. Do i qualify for this to cover the closing cost of my home not covered by the va loan?
The Mortgage Credit will not help with the extra closing costs, but we do offer programs that will help! Please call us at 919 649 5058 so that we can get the details for you!
2011 New construction 4200 sq ft, FTHB ($284K), USDA Financing, Current market value $375K to $395K, need to downsize, husband (63) and adult son (18) receive disability wife (40) is gainfully employed, repairing credit at the moment but car purchases and medical bills are weighing heavy on FICO, would like to refinance with some cash out to retire some nagging bills…What is the best approach?
I’m sorry for the delay in writing – my mom died right before Christmas and everything seems to be behind. You said, “need to downsize” – that means selling the home and waiting a few months to get everything back in order. It sounds like that will be the best approach. You can refinance, but the cash-out is going to be limited, especially with poor credit scores.
I am trying to buy a house and I have student loan my payment is 0? There’s anyway can I get mortgage approval
Yes – you will need a Fannie Mae loan. In NC, we can do those with a Mortgage DPAs, and you would avoid having to have much money for a down payment. Please call us at 919 649 5058
Hi! I asked my lender to include the MCC from the beginning. I turned in all paperwork they ever asked from me, and when I closed last week, the MCC fee was on my disclosure. My lender called me two days later letting me know that had “Really bad news” and that “Someone dropped the ball.” Apparently they didn’t get the final approval on the MCC yet, but they allowed me to close under the impression that they had. Now I can’t get the MCC and all they are offering is to refund my MCC fee, along with some other fees up to $3000. Is there anything I can do? Or will I need to take this to court? Thank you!
Unfortunately, once you are a homeowner, I don’t know of another cure. You should contact the NC Housing Finance Agency and give them the details. (919) 877-5700
What is the maximum income allowed to qualify for an MCC in Henderson County, NC in 2022?
i am already approved for a mortgage loan by a lender but we need help with down payment funds and covering closing cost…..where do i go?
Unfortunately, you have to get your down payment assistance and Mortgage Credit Certificate from the lender who is making you a loan.