Home Buyer FAQ: What is a Mortgage Credit Certificate?
A Mortgage Credit Certificate (MCC) offers first time home buyers a federal tax credit that reduces their federal income taxes.
The tax credit is equal to 20% of the mortgage interest paid during the tax year. Homeowners are eligible for the tax credit every year, as long as they occupy the home as their primary residence. MCCs can save homeowners thousands of dollars over the life of their mortgage!
The MCC can ONLY be used in conjunction with our DPA program until further notice.
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