Good morning, my name is Tom Heath with The Heath Team at Nova Home Loans. Today is August 10th and this is our weekly update on real estate and mortgage related matters. Today’s topic is the Mortgage Credit Certificate (MCC), something we’ve talked about in the past, that as we get busy things like this tend to get pushed off to the side.
We understand that, so just wanted to bring it back to the forefront of your thoughts because for first-time homebuyers, this is a great opportunity to reduce their tax liability by 40 percent of the amount of interest they pay on their home loan, up to two thousand dollars per year. And it’s an ongoing credit they can receive so it reduces their tax liability.
It’s different than an interest deduction, that still exists the Mortgage Interest Deduction, but this credit really will reduce their tax payments by $2,000 or increase their tax refund by $2,000 for as long as they continue to qualify, so check out the Community Investment Corporation (CIC) for more details.
If your clients have or you have any questions, just reach out to us here at The Heath Team, head over to our website at TheHeathTeam.com and we could certainly give you any additional information you like, but do a little research, check out the Mortgage Credit Certificate. Have a great week! We’ll talk to you next Monday.