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MCCs are for first-time home buyers eligible for the following programs:
Visit our MCC Frequently Asked Questions for more information.
The example below assumes a family purchases a home for $125,000 at a 4.50% interest rate. Interest paid the first year is approximately $5,625.
|MCC Tax Credit Rate (40% of Mortgage Interest Paid)||40%|
|Tax Credit Amount|
|Maximum Credit Amount*||$2,000|
*In this example, the homebuyer would be entitled to a tax credit of the maximum $2,000. The home buyer can also take a mortgage interest deduction of $3,625.