Help for Future Homebuyers


Are you looking to buy a home in Arizona, outside of Maricopa and Pima Counties? Now there is financial help for rural homebuyers! The program is called the Rural Mortgage Credit Certificate Program, or Rural mcc for short.
The program is available to moderate-income persons who haven’t owned a home in at least three years. The income guidelines and purchase price limits are listed in the sidebar to this article.
Here’s how a mortgage credit certificate works: a qualified homebuyer can claim a federal tax credit—actual money back—in the amount of twenty percent of the mortgage interest paid that year. This credit is in addition to the regular allowable mortgage interest deduction allowed for homeowners each year on their federal income tax. The mcc tax credit is available to the homebuyer every year for the life of the loan.


For a simple example:
Loan amount $100,000
Interest rate 8.0%
Interest paid 1st year $8,000
mcc credit rate 20%
Federal tax credit $1,600
Your lender can count that income from the tax credit—$1,600 in the above example—when determining whether you qualify for a loan. If you would have qualified for a mortgage anyway, the additional income would mean that you would be able to obtain a larger mortgage.
Almost any residential property is eligible: manufactured housing, condominiums, duplexes, townhomes, or detached homes. Eligible loans include fixed—or adjustable—rate fha, va, and conventional loans.


If you qualify and want to participate, you must use one of the following lenders:
• Arizona Capital Home Loans 877-859-9905
• Axis Mortgage & Investments 877-294-7684
• Bank One (statewide) Yuma: 928-343-4222
Tucson: 520-792-7356
• Beazer Mortgage
• CTX Mortgage
• Countrywide Home Loans (wholesale only—go through your mortgage broker)
• Home Loan Mortgage Yuma: 928-329-9130
• Irwin Mortgage
• Suburban Mortgage
• Venture Financial Services, Inc. 480-926-8345
• Wells Fargo Home Mortgage 800-688-4130
If you want more information, including a list of additional lenders who may have signed up for the program, call Family Housing Resources at 800-622-7462, or contact Mary Orton at mary@maryorton.com.
The Rural mcc Program was initiated by the City of Phoenix Industrial Development Authority.
Mary Orton

Household Income Limit
County Non-Target Target*
Pinal and Mohave
1 to 2 persons $54,900 $62,112
3 or more persons 62,112 62,112
All other Counties
1 to 2 persons $49,700 $59,640
3 or more persons 57,155 62,112


Purchase Price Limits
County Non-Target Target*
Cochise
New Construction $118,726 $145,110
Existing Home 87,981 107,533
Coconino
New Construction $140,034 $171,152
Existing Home 155,389 189,920
Gila
New Construction $121,013 $147,905
Existing Home 111,587 136,385
Mohave
New construction $167,339 $204,525
Existing residence 133,597 163,285
Navajo
New Construction $103,693 $126,736
Existing Home 98,886 120,860
Pinal
New construction $166,519 $203,523
Existing residence 139,792 171,076
Santa Cruz
New Construction $111,734 $136,563
Existing Home 119,279 145,785
Yavapai
New Construction $141,265 $172,657
Existing Home 130,390 159,366
All other Counties
New construction $103,693 $126,736
Existing residence 87,981 107,533


*Target Areas are certain census tracts where the federal government wants to encourage homeownership. Contact Mary Orton at mary@maryorton.com with the county you are interested in and she will send you a map of Target Areas.