MCC - Mortgage Credit Certificate

The Certificate (MCC) is an IRS-approved tax credit which reduces a home buyers’ federal income tax liability as long as they have the loan, continuously occupy the home as their , have a tax liability, and utilize the MCC when their taxes are filed with the IRS. The program is available to eligible first-time homebuyers (income restrictions apply). The tax credit helps homebuyers increase their disposable income by decreasing their annual Federal tax liability which helps offset part of the monthly housing payment. The maximum amount of the MCC tax credit equals 20 percent of the annual mortgage interest paid on the home loan. The MCC is available to qualified who purchase in the State of Washington and within the city limits of Portland, Oregon.

Loan Programs

Program Details

This traditional fixed-rate mortgage offers a stable, fixed payment over the life of the loan.
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
The 15 year fixed-rate mortgage enables you to own your home in half the time as the 30 year fixed-rate mortgage.
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
The flex term fixed-rate mortgage offers repayment terms ranging from 16 to 29 years.
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
The jumbo loan is a loan that is over the conforming loan limit ($417,000) set by the government-sponsored mortgage agencies, Freddie Mac (FHLMC) and Fannie Mae (FNMA).
CREDIT

700

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 700
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Adjustable rate mortgages (ARM) have an initial fixed-rate period of 1, 3, 5, 7 or 10 years after which time they convert to an adjustable rate mortgage. Dependent on the length of time you intend to own your home, the ARM might be a consideration.
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
FHA home loans insured by the Federal Housing Administration (FHA) offer expanded lending guidelines for individuals who may not qualify for conventional financing.
CREDIT

550

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 550
Lower Downpayment
This designation indicates the program allows a lower initial down-payment from the borrower.
Extra Loan Documentation
This designation indicates the program requires more complex documentation.