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SC Housing Launches Enhanced Mortgage Tax Credit Program


Significant savings benefits for qualified homebuyers

South Carolina homebuyers have a powerful tool to make their mortgages more affordable and save thousands of dollars each year that would have otherwise been paid in taxes. The SC Mortgage Tax Credit Program is a Mortgage Credit Certificate (MCC) Program administered by the South Carolina State Housing Finance and Development Authority (SC Housing) that provides a federal income tax credit to qualified homebuyers of up to $2,000 per calendar year for every year they occupy the home as their primary residence*. 

The SC Mortgage Tax Credit Program will allow qualified homebuyers to save thousands of dollars in mortgage interest payments by taking a tax credit of 50 percent on their federal income tax – up to a maximum of $2,000 per calendar year.  This could result in substantial savings over the life of a mortgage loan – savings that the homeowner can keep, rather than paying in taxes.

Spend A Little! Save A Lot!
The cost of the SC Mortgage Tax Credit is just $500, with lenders being able to charge up to an additional $200 processing fee. The cost of obtaining the credit can be paid by the seller of the home as well.

Who Qualifies?
To qualify, a homebuyer must meet certain conditions:
• The homebuyer is purchasing a primary residence in South Carolina; AND
• The homebuyer is a first-time homebuyer, has not owned a home in the last three years, or buys a home in a “targeted” county; AND
• The homebuyer occupies the home as a primary residence; AND
• Household income** falls within the limits established for the county in which the primary residence is being purchased; AND
• The purchase price** is within the limits established for the county in which the primary residence is being purchased.
**Household income limits and home purchase price limits vary by household size and by county. 

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