Mortgage Credit Certificate

What is an MCC?

An MCC is a tax credit only available to first time homebuyers.  The MCC was created specifically to encourage renters to make the jump toward homeownership.  Anyone who has an MCC is entitled to a yearly tax credit for a fraction of their total mortgage interest payments.  In other words, you get money back for simply paying your mortgage.  I can honestly say that the MCC is the single greatest program I can offer my clients.

Who is eligible for a MCC?

To qualify for an MCC you must be a first-time-homebuyer.  In addition, you must live in the property that you are buying.  To receive an MCC, you loan officer must apply you to the program during Escrow (once you've purchased it's too late).  If you're a first-time-homebuyer it is crucial that you use an approved loan officer with the MCC program.

How does the MCC work?

The MCC gives you a yearly tax credit of 15% of your mortgage interest.  For example, let's assume you get a loan for $300,000 at 6% interest.  During your first year you’ll pay $3,684 toward principal payments and $17,899 in interest.  Taking 15% of your interest payments, you should receive a tax credit or $2,684 at the end of the year.  You’ll save $223 a month!  If you’re eligible, you can’t afford not to get an MCC.

Information Request

If you would like more information about the MCC, or to find out if you qualify, please complete the information request form below.