The NC Home Advantage Tax Credit enables eligible first-time buyers (those who haven’t owned a home as their principal residence in the past three years) and military veterans to save up to $2,000 a year on their federal taxes with a Mortgage Credit Certificate (MCC).
The Mortgage Credit Certificate (MCC) calculator provides an estimate of the potential tax benefits of having an MCC. Please contact your tax professional to determine actual calculations.
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“MCC” means mortgage credit certificate. “mortgagor” means any person or persons meeting the qualifications of the MCC Program and the Program Guide, and includes any Co-Mortgagors. “Participating Lender” means a lender that has signed a Mortgage Credit Certificate Mortgage Origination Sale Agreement page.
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With a VA loan, some participants might also get another benefit in the form of a Mortgage Credit Certificate (MCC). This certificate permits a qualifying applicant purchasing a home to claim a tax credit that may reduce the applicant’s federal income tax liability.
Texas Mortgage Credit Certificates save Texas first time home buyers up to $2,000 per year on their federal income taxes. *Starting February 1, 2019, MCCs will only be offered in combination with a My First Texas Home mortgage loan.
Mortgage Credit Certificate: Qualify for More House. States such as Washington , North Carolina, Texas, and California allow the program.
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A Mortgage credit certificate (MCC) provides eligible first-time homebuyers the advantage of a special annual federal income tax credit. The MCC Program was sanctioned in the 1984 Tax Reform Act by the congress. It was supposed to serve as a means of reaching out housing assistance to low and moderate income group families.
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