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.
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If you are a first-time buyer (you haven’t owned a home as your principal residence in three years) or a military veteran, you may qualify for a tax credit up to $2,000 per year if you apply and are approved for a Mortgage Credit Certificate prior to your home purchase.
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If you’re buying your first home, a Mortgage Credit Certificate (MCC) from VHDA could save you thousands of dollars by reducing the amount of federal income tax you owe. Unlike an income tax deduction, an MCC is a dollar-for-dollar credit against your federal income tax liability:
Maximum Mortgage Credit Certificate Rate By State . Further Information on State Mortgage Credit Certificate Programs: Note: The income limits given here are for general areas throughout the state in designated target areas. Non target areas have slightly lower income limits and have lower house price maximums.
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An MCC is a dollar-for-dollar tax credit for first time, low-to-moderate income homebuyers. The certificate is issued by ADFA and allows qualifying, taxpaying homebuyers to claim a tax credit of up to 50 percent of the mortgage interest paid per year, capped at $2,000 annually.
The Mortgage Credit Certificate Program was authorized by Congress in the 1984 Tax Reform Act as a means of providing housing assistance to families of low and moderate income. The hawaii housing finance and Development Corporation (HHFDC) is an Issuer of Mortgage Credit Certificates.
A Mortgage Credit Certificate gives qualified home buyers a dollar for dollar tax credit for part of the mortgage interest paid each year. It directly reduces a homeowners federal income tax liability. Note: The Mortgage Interest Credit (MCC) is a non-refundable tax credit, therefore, the Homebuyer MUST have tax liability in order to take