Dollar-for-dollar Tax Credit
An MCC allows a homeowner to get back a substantial portion of the mortgage interest paid every year.
The tax credit can be taken every year the person owns and lives in the home and pays mortgage interest. In addition, if the homeowner refinances, they can apply for a reissuance of the MCC certificate (RMCC) to continue to file for the annual tax credit.
Improves Qualifying Power
An MCC can help the borrower qualify for the initial mortgage loan also, because it impacts their "available" income and other eligibility factors.
Flexible and Convenient
An MCC can be obtained with a variety of mortgage loans, including conventional, FHA, and VA loans. An MCC Lender helps the homebuyer apply for the MCC at the same time he/she applies for a mortgage loan.