Purchase a New Home and SAVE BIG!
What Is the Mortgage Credit Certificate?
It is a Federal Tax Credit (at the State Level) designed for the following:
- To provide affordable housing for First Time Homebuyers
- To REDUCE FEDERAL TAX LIABILITY throughout the life of the loan
- To WRITE OFF nearly $2000 per year and SAVE BIG!
Enjoy the freedom of owning your own home by taking advantage of tax laws that allow for more money in your pocket at the end of the calendar year. The following Table outlines the details of the savings percentages:
MCC Credit Rates
Mortgages of $50,000 and Under
Mortgages of $50,001 - $70,000
Mortgages of $70,001 - $90,000
Mortgages of $90,001 & Above
How to Calculate What This Means:
End of Year Option: $50,000 (mortgage amount) X 5.25% (annual % rate) = $2625.00 (interest paid) X 35% (MCC Credit Rate) = $918.75 (or the annual tax credit - to write off on tax returns)
Revise W-4 Option: Borrower would need to contact his/her HR Department to have extra $76.56 in take home pay per month from above example. ($918.75/12 = $76.56)
CONTACT US HERE to find out how to qualify!