MCC Mortgage Credit Certificate Explained

An MCC Mortgage Credit Certificate allows qualified first-time home buyers to convert 20% of your mortgage interest deduction into a dollar-for-dollar tax credit that you can use for as long as you have a mortgage on that home!

Have Questions about MCCs? I'll answer all questions in the comments OR,

In addition to receiving this tax credit on your federal tax returns, you can also take home more money on each paycheck AND use the amount of your tax credit as INCOME to qualify for the mortgage!

Why have you never heard of this? Well, one reason is that loan officers cannot make money by offering you an MCC as a first-time buyer.

Another reason could be those call center lenders are not approved to offer this program, which is available through your State Housing Finance Agency.

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[MiddyBlue]

You were awesome. Thank you so so much. I came from illiteracy to literacy. Now I understand how to go forward. Projected closing on house on October 23, 2023. 🎉

[WorryDontAbout]

Awesome videos never knew about this and my lender says they do offer this but never mentioned it!!!! Tyyy

[dannywiley]

I was told by a tax preparer that because of the change of tax laws in 2016, that my family and I would no longer
qualified to continue using the MCC certificate that we received in 1996 when we purchase the home as first time home buyer.
My question is, is this tax person right and why?

[kadyle]

Thank you for this. Would i still be able to do this even if I just bought a house?

[ykasken]

Can you take the standard deduction and have the credit? Or you have to be itemized?

[bayareafactorbaby]

Im in california im 34 years old trying too buy my first home how can i get on the phone with you for 5 mins

[ykasken]

Can A home buyer be a person who has not had a home in 3 years?