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Mortgage Credit Certificate Program

MCC’s are a federally authorized program created  to reduce effective interest costs for qualifying homebuyers

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MCC’s allow the homebuyer to qualify for a federal income tax credit equal to a percentage of the interest paid on their home loan each year, up to a maximum of $2,000 per year

 

MCC holders still qualify for a regular deduction of the remaining interest paid on their home loan

Without MCC                                           With MCC

Mortgage Amount

 

Mortgage Interest Rate 

 

Monthly Mortgage Payment

 

MCC Rate

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Monthly Credit Amount

 

Effective Monthly Mortgage Payment

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$100,000

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4.50%

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$506.69

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N/A

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N/A

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$506.69

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$100,000

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4.50%

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$506.69

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35%

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$130.29

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$376.40

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