Virginia Housing Mortgage Credit Certificate (MCC)
MCC (Mortgage Credit Certificate)
First Time Homebuyer
To be eligible for a Mortgage Credit Certificate (MCC) in Virginia, applicants must gain approval prior to home closing and plan to occupy the property as their primary residence. The program is open to all types of homes, including single-family, manufactured housing, condos, duplexes, and townhouses, and can be used for properties anywhere within the state.
10% of annual mortgage interest
01/02/2015
Permanent
Virginia Housing's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce a borrower's federal income tax responsibility each year. It is equal to 10% of your annual mortgage interest, and the remaining 90% is tax-deductible. It is specifically for first time homebuyers and can be paired with many Virginia first mortgage and down payment assistance programs.
Loan Programs that can be used with this special offer
Virginia Housing Conventional - Low Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for low income Virginia homebuyers that can be paired with down payment assistance of up to 5% of the purchase price.
Min. Credit Score
640
Min. Down Payment
3%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing Rural Housing (RHS) Loan
Best For: First Time Homebuyers, Zero Down
Rural Housing (RHS) option from Virginia Housing for USDA-designated rural areas that can be combined with closing cost assistance.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing FHA Loan
Best For: First Time Homebuyers, Low Credit Scores, Easy Qualification
FHA program for Virginia residents with competitive interest rates and down payment assistance options.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing Conventional No MI Loan
Best For: First Time Homebuyers, Low Down Payments
Conventional loan from Virginia Housing with no private mortgage insurance (PMI) and down payment assistance options.
Min. Credit Score
660
Min. Down Payment
3%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing Conventional - Median Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for Virginia homebuyers that can be paired with down payment assistance of up to 5% of the purchase price.
Min. Credit Score
640
Min. Down Payment
3%
Max. Loan Amount
$330,000 - $665,000
CalHFA USDA Loan
Best For: First Time Homebuyers, Zero Down
Rural Housing mortgage option from CalHFA for California USDA-designated rural areas that can be combined with closing cost assistance.
Min. Credit Score
640
Min. Down Payment
0%
Max. Loan Amount
$726,200 - $1,089,300
GSFA OpenDoors® FHA Loan
Best For: First Time Homebuyers, Low Credit Scores, Easy Qualification
FHA program from GSFA for California residents with competitive interest rates and up to 6.5% in down payment and closing cost assistance options.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
$726,200
Virginia Housing VA Loan
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
VA program for Virginia first time homebuyers with competitive interest rates and up to 2% in forgivable closing cost assistance.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing Plus Second Mortgage Conventional
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
The Virginia Housing Plus Second Mortgage can provide up to 4.5% in additional funds that can be used as down payment and/or closing cost assistance.
Min. Credit Score
0
Min. Down Payment
0%
Max. Loan Amount
No Limits
Virginia Housing Down Payment Grant - Conventional
Best For: First Time Homebuyers, Zero Down
Virginia Housing's Down Payment Assistance (DPA) grant provides qualified first time homebuyers with up to 2% of the purchase price or value.
Min. Credit Score
0
Min. Down Payment
1%
Max. Loan Amount
No Limits
Virginia Housing Closing Cost Assistance Grant
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
Virginia Housing's Closing Cost Assistance (CCA) Grant gives up to 2% in additional funds to reduce out-of-pocket expenses for first time homebuyers.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
No Limits
Virginia Housing Down Payment Grant - FHA
Best For: First Time Homebuyers, Zero Down
Virginia Housing's Down Payment Assistance (DPA) grant provides qualified first time homebuyers with up to 2.5% of the purchase price or value.
Min. Credit Score
0
Min. Down Payment
1%
Max. Loan Amount
No Limits
Virginia Housing Plus Second Mortgage FHA
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
The Virginia Housing Plus Second Mortgage can provide up to 5% in additional funds that can be used as down payment and/or closing cost assistance.
Min. Credit Score
0
Min. Down Payment
0%
Max. Loan Amount
No Limits
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers.
See What Home Loans You Qualify For
(Hint: It's more than you think!)
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch