Posts tagged IRS
What is a Mortgage Credit Certificate?

What’s a mortgage credit certificate? First, we have to talk about taxes. Nobody loves paying taxes -- and most people don’t love paying interest on their mortgage, either. Both are realities of life, but fortunately, you can use part of the interest you pay on your mortgage to reduce your tax bill.

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What Is the Mortgage Credit Certificate?

A Mortgage Credit Certificate (referred to as the MCC) is a federal tax credit that allows first-time home buyers to save money each year by receiving a conversion of a percentage of the annual interest paid on their mortgage into a dollar a tax credit. This program was created to assist first-time home buyers to qualify for a home loan by decreasing their tax responsibility. Typically this program is for low- to moderate-income families.

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