Mortgage Credit Certificate (MCC)
How can an MCC potentially assist your home purchase?
Mortgage Credit Certificate (MCC) Program Benefits:
- An MCC provides eligible homebuyers with a Federal Income Tax Credit based on a percentage of the mortgage interest paid each year.*
- The Tax Credit is a dollar-for-dollar reduction against the homebuyer's Federal Tax liability and is valid for the life of the loan as long as you live in the home.**
- The Tax Credit may also help homebuyers qualify for the initial purchase of the home, because it may be considered more "qualifying income".
- An MCC is not limited to just First-Time Homebuyers if the property purchased is in a "Targeted Area".
*Income eligibility requirements, property location restrictions, first-time homebuyer requirements and other restrictions apply. A $500 MCC processing fee is required. **Homebuyers are encouraged to consult with their tax advisor regarding the impact of a MCC on their individual tax liability. Program guideline information may change without notice. Please contact us for the latest program guidelines.