A Mortgage Tax Credit Certificate (MCC) allows a homebuyer with a tax liability to take a federal income tax credit for the portion of their annual interest paid on their mortgage loan for a primary residence.
Note: The Mortgage Interest Credit (MCC) is a non-refundable tax credit, therefore, the Homebuyer MUST have tax liability in order to take advantage of the tax credit. MCC facts. Benefit of a Mortgage Credit Certificate Other than the obvious benefit of saving you money by paying fewer tax dollars to Uncle Sam, the MCC can actually help.
A Mortgage Credit Certificate allows the homebuyer to claim a tax credit for some portion of the mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability .
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Must have proof of employment and steady income. Your debt to income ratio must be less than 43%. You must purchase mortgage.
Mortgage Credit Certificate (MCC) Program The mcc program offers qualified first-time homebuyers a federal income tax credit. The federal credit can reduce potential federal income tax liability, creating additional net spendable income for qualified first-time homebuyers to possibly use toward their monthly mortgage payment.
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Information about Form 8396, Mortgage Interest Credit, including recent updates, related forms and instructions on how to file. If you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program, use this form to figure your mortgage interest credit for the current year and any credit.
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You receive a mortgage credit certificate from State X. This year, your regular tax liability is $1,100, you owe no alternative minimum tax, and your mortgage interest credit is $1,700. You claim no other credits. Your unused mortgage interest credit for this year is $600 ($1,700 $1,100).
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Mortgage Credit Certificates (MCC) Mortgage Credit Certificates (MCC) TSAHC offers mortgage credit certificates, also known as MCCs, to first-time home buyers. An MCC is a mortgage interest tax credit that reduces the amount of federal income taxes you pay every year.