logging in or signing up mcc lite paulscobee Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 34 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: November 16, 2010 This Presentation is Public Favorites: 0 Presentation Description MCC Mortgage Credit Certificate Intro Comments Posting comment... Premium member Presentation Transcript Mortgage Credit Certificate (MCC)20% Tax Credit : Mortgage Credit Certificate (MCC)20% Tax Credit What Is An MCC? : What Is An MCC? Is like a 20% off coupon but in is not a coupon it is a certificate worth 20% of all the interest paid on your loan and it come in the form of tax credits. Tax Credits are a dollar-for-dollar reduction of the total federal income tax a borrower pays ! The Credit for 20% of your interest paid lasts for the life of the loan. How Does It Work? (FHA) : How Does It Work? (FHA) Sales Price $ 375,000 Down Payment 3.5% $ -13,125 Base loan Amount (5% 30year fixed) $ 361,875 Total Loan w/ UF Mortgage Ins $ 368,207 Interest Paid Annually @ 5% $ 18,410 20% of Annual Interest $ 3,682 How Does it work? : How Does it work? 20% of Annual Interest $ 3682.07 Divide by 12 months in a year 1/12 = ? Monthly benefit to buyer $306.83 A first time buyer would receive a monthly tax benefit of $306.83 dollars a month to offset the cost of the home. How Does it work? : How Does it work? Payment W/O MCC Payment with MCC This is the qualifying payment Guild can use to qualify the borrower! Slide 6: Maximum DU Loan Approval without the MCC. = $340,000.00 Slide 7: Maximum DU Loan Approval With …….the MCC! = $395,000.00 That’s an increase of * $55,000.00! Slide 8: Based on the MCC the payment or PITI reduced by the amount of $321.24 FHA loan @5% and sales price of 375K@ Total potential saving up to. : FHA loan @5% and sales price of 375K@ Total potential saving up to. 20% of 394,335.86 = $78,867.17 $78,867.17 Slide 10: Entitlement Review 206-455-0995 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
mcc lite paulscobee Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 34 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: November 16, 2010 This Presentation is Public Favorites: 0 Presentation Description MCC Mortgage Credit Certificate Intro Comments Posting comment... Premium member Presentation Transcript Mortgage Credit Certificate (MCC)20% Tax Credit : Mortgage Credit Certificate (MCC)20% Tax Credit What Is An MCC? : What Is An MCC? Is like a 20% off coupon but in is not a coupon it is a certificate worth 20% of all the interest paid on your loan and it come in the form of tax credits. Tax Credits are a dollar-for-dollar reduction of the total federal income tax a borrower pays ! The Credit for 20% of your interest paid lasts for the life of the loan. How Does It Work? (FHA) : How Does It Work? (FHA) Sales Price $ 375,000 Down Payment 3.5% $ -13,125 Base loan Amount (5% 30year fixed) $ 361,875 Total Loan w/ UF Mortgage Ins $ 368,207 Interest Paid Annually @ 5% $ 18,410 20% of Annual Interest $ 3,682 How Does it work? : How Does it work? 20% of Annual Interest $ 3682.07 Divide by 12 months in a year 1/12 = ? Monthly benefit to buyer $306.83 A first time buyer would receive a monthly tax benefit of $306.83 dollars a month to offset the cost of the home. How Does it work? : How Does it work? Payment W/O MCC Payment with MCC This is the qualifying payment Guild can use to qualify the borrower! Slide 6: Maximum DU Loan Approval without the MCC. = $340,000.00 Slide 7: Maximum DU Loan Approval With …….the MCC! = $395,000.00 That’s an increase of * $55,000.00! Slide 8: Based on the MCC the payment or PITI reduced by the amount of $321.24 FHA loan @5% and sales price of 375K@ Total potential saving up to. : FHA loan @5% and sales price of 375K@ Total potential saving up to. 20% of 394,335.86 = $78,867.17 $78,867.17 Slide 10: Entitlement Review 206-455-0995