Did you know the MCC credit is back? Some of you may remember this tax credit from the early 90’s when we did a bunch of it. Here is the information in a nutshell:
An MCC is an IRS tax credit that reduces the federal tax liability of qualified borrowers, thus having the effect of subsidizing the monthly mortgage payment.
The advantages of an MCC are two-fold. It increases the loan amount a borrower can qualify for and it can increase the borrower's after-tax income. The MCC entitles the qualified borrower to take a federal income tax credit. The tax credit is based on the mortgage interest paid annually. Because the MCC reduces the borrower's federal income taxes and increases his/her net earnings, it is a great help in qualifying for a home loan. The MCC is registered with the IRS, and it continues to decrease the borrower's federal income tax liability each year.
California Department of Real Estate Corporate License #01059682
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