Transcription of Mortgage Tax Credit Certificate (MCC)
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Mortgage Tax Credit Certificate (MCC)
STATE HOUSING FINANCE AGENCIES. Mortgage Tax Credit Certificate (MCC). OVERVIEW. State HFAs may also manage a program that provides their W-4 tax withholding forms from their employer home purchasers with a significant tax Credit in connec to reduce the amount of federal income tax withheld tion with their home loans. The Credit can be used in from their paychecks in order to receive the benefit on a manner that assists people in making their monthly a monthly basis. payments more affordable (affecting underwriting) for The tax Credit percentages vary by state, but are as long as the home remains their primary residence. generally in the amount of 20 percent to 40 percent Participating bankers provide information to their of the total Mortgage interest.
tax credits can be taken at the time the borrowers ile . their tax returns. Alternatively, borrowers can amend . their W-4 tax withholding forms from their employer to reduce the amount of federal income tax withheld from their paychecks in order to receive the beneit on . a monthly basis. The tax credit percentages vary by state, but are
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