Trying to qualify for this credit before my closing. My lender says that we have to check with our CPA when we file "next year". From the websites I have been reading, they say the lender must submit the paperwork before closing along with a fee. Any advice would be helpful.
Thanks !
Answer :
I guess your lender is correct. Applications are accepted on a first-come, first-served basis by a statewide network of lenders. Your lender will establish all underwriting criteria, including interest rate, down payment requirement, term, fees, points, and closing costs. Your lender will submit your loan application and notify you as to whether your application is accepted. It is strongly recommended that you contact a tax professional before applying for an MCC in order to determine the potential benefits an MCC may provide for your specific tax situation. MCC is a tax credit that puts extra cash in your pocket each month, so that you can more easily afford a house payment, which means fewer tax dollars will be withheld from your regular paycheck, increasing your take-home pay. MCC is a certificate issued by certain state or local governments that allows a taxpayer to claim a tax credit for some portion of the mortgage interest paid during a given tax year.
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