Vermont Mortgage Credit Certificate (MCC) Program Checklist
A step-by-step checklist for homebuyers applying for the Vermont Mortgage Credit Certificate (MCC) Program in 2025.
Verify Your Eligibility
- Confirm that you are a first-time homebuyer or meet program exceptions, such as purchasing in a targeted area.
- Ensure that your household income falls within the program’s limits, which vary by county and household size.
- Verify that the home you intend to purchase meets the program’s price limits and will be used as your primary residence.
- Understand that the Mortgage Credit Certificate (MCC) provides a federal tax credit based on a percentage of the mortgage interest paid annually.
- Determine if you qualify for additional benefits, such as combining the MCC with down payment assistance or other homebuyer programs.
Prepare Required Documentation
- Gather proof of income, including recent pay stubs, W-2 forms, or documentation for any additional sources of income.
- Provide copies of your tax returns from the past two years, including all necessary schedules.
- Obtain bank statements from the last two to three months for all financial accounts.
- Collect details about the home, including the address, purchase agreement, and sale price.
- Prepare any additional documents requested by your Loan Officer, such as verification of assets, debts, or financial obligations.
Coordinate with Your Assigned Loan Officer
- A Loan Officer has been assigned to guide you through the Vermont Mortgage Credit Certificate (MCC) Program application process.
- Schedule an initial consultation with your Loan Officer to review eligibility requirements and understand the necessary steps to complete your application.
- Ask any questions regarding the program, required documentation, or application process to ensure clarity.
- Follow your Loan Officer’s guidance to collect and submit all required documentation in a timely manner.
Complete Your Application
- Work closely with your Loan Officer to finalize your application for the Vermont MCC Program.
- Submit all required documentation to verify eligibility for the tax credit benefits.
- Review your application with your Loan Officer to ensure accuracy and completeness before submission.
- Complete a homebuyer education course if required by the program.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any additional costs associated with the MCC, such as administrative fees.
- Receive confirmation of your Mortgage Credit Certificate and instructions on how to apply the tax credit to your annual tax filings.
Maintain Program Compliance
- Ensure that your purchased home remains your primary residence for the duration required by the program.
- Notify your Loan Officer if you plan to sell, refinance, or make changes to your mortgage, as these actions may impact your eligibility for the MCC benefits.
- Stay informed about any updates or changes to program requirements to maximize the benefits of the tax credit.