This is a super deal that sounds too good to be true. In reality though, it’s the real thing. If you are buying a home, especially in a targeted area, be sure to ask your lender about this program. Fist come, first served, I believe.
As always, use programs like these responsibly.

2006 MCC Tax Program
Mortgage Credit Certificate Program

How the program works

The MCC increases a household�?s disposable income by reducing its federal income taxes. A reduced tax burden will free up more income to help households qualify for a mortgage loan and meet loan payment requirements.

With an MCC, 20% (25% target areas) of the mortgage interest is a tax credit �? a-dollar-for-dollar reduction of income tax liability for the life of the loan. The remaining 80% (75% in target areas) mortgage interest continues to qualify as an itemized tax deduction for the homebuyer.

For example:

Targeted Area: $100,000 x 6.5% x 25% credit = $1625 year or $135.42/mo

Nontargeted Area: $100,000 x 6.5% x 20% credit = $1300 year or $108.33/mo

Income and sales price apply call me for details

This amount we can take off of the borrowers payment to qualify them.

For additional information call your local lender.