Home Buyer FAQ: What is a Mortgage Credit Certificate?
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(down payment assistance) program until further notice.
See related articles:
How does the mortgage credit certificate (MCC) work?
How Do I Apply for a mortgage credit certificate from TSAHC?
What is the difference between a tax credit and a tax deduction?