Definition
Government-issued certificate entitling homebuyers to annual federal tax credit on portion of mortgage interest.
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MCC provides ongoing tax savings over mortgage term. Credit improves annual cash flow and affordability. MCC eligibility varies by income and location. MCC can be transferred to subsequent buyer. MCC is valuable benefit for eligible buyers.
Pro Tip
MCC is valuable ongoing benefit; factor into affordability analysis.
Example
Mortgage credit certificate providing annual tax credit improving first-time buyer affordability.