Sterling Heights based Mortgage Company specializing in Mortgage Credit Certificates.

STERLING HEIGHTS, MI, October 23, 2010 (Press-News.org) The Mortgage Credit Certificate Program (MCC) enables homebuyers to reduce the amount of federal income tax paid. Mortgage 1 Suburban Branch as a participating member in the MCC program, is leading the way in qualifying homebuyers for higher priced homes, which expands consumer choices, all through this federal tax credit.

In this changing and often times difficult market homebuyers are becoming more and more reluctant about taking the big step toward homeownership. However, despite changes in the market, there are programs out there that assist homebuyers. The MCC offers homebuyers who meet household income and home purchase price limits an opportunity to qualify for a higher mortgage payment. Here's how it works:

Total Mortgage Amount x Loan Interest Rate = Annual Interest
Annual Interest Amount x MCC Rate (20%) = Tax Credit for the year

Assuming a mortgage of $100,00 at 5.5% interest, the annual tax credit would be:
$100,000 x 5.5% = $5,500
$5,500 x 20% = $1,100 annual tax credit

The loan officers at Mortgage 1 Suburban Branch assists homebuyers determine eligibility and qualify for the credit, making homeownership a reality for many. For more information about the Mortgage Credit Certificate contact Lisa Whitman at Mortgage 1 Suburban Branch at (586) 997-3533 or email us at info@mortgageone.biz.