A Mortgage Credit Certificate (MCC) could mean more money for your first-time buyers (and eligible military veterans) by reducing their federal income tax liability by up to $2,000 per year. The tax credit is good for every year that they occupy their home as the primary residence. Buyers can claim up to 30% of the annual interest paid as a tax credit on existing (previously occupied) homes, and up to 50% on new construction.
The MCC can be used in conjunction with a 30-year fixed-rate mortgage, including FHA, USDA, VA and conventional loan types. Eligible buyers can also pair it with our NC Home Advantage Mortgage™ with down payment assistance for even bigger savings. We offer MCCs through participating lenders statewide.