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Introducing New Tools to Help Explain the Benefits of a Mortgage Credit Certificate
It’s tax season which means this is the time of year we like to promote our Mortgage Credit Certificate (MCC) program. In simplest terms, the MCC is a mortgage interest tax credit that saves home buyers on their federal income taxes every year. MCCs are available to first-time home buyers who are eligible for either our Homes for Texas Heroes or Home Sweet Texas Home Loan Programs.
If you’re like us, you probably have a lot of questions when it comes to something tax-related. That’s why we created new MCC tools that help explain the tax benefits of an MCC to home buyers.
MCC Tax Savings Calculator
The below tool (available here) helps home buyers calculate their cumulative tax savings with an MCC.
MCC Program Overview Video
The below video explains how an MCC lowers a home buyer’s federal income taxes.
The calculator and program overview video are both available on our MCC web page.
MCC Training Video
In addition to the above, we also created the below training video to educate lenders and REALTORS® about how the MCC program works and its benefits. This video is available on our MCC training web page.
More Information About the MCC Program
If you’re familiar with our MCC program, you may know that there’s a credit rate associate with it. That rate is the percentage of mortgage interest a home buyer can claim as the tax credit. The credit rate is equal to 20% of the annual mortgage interest paid.
If you still have questions about the MCC program or want more information about it, we encourage you to read these previous On The House entries: “Why Every First-time Home Buyer Should Ask About a Mortgage Credit Certificate” and “Why We Love Tax Season” (one of our favorites).
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.
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