{"id":2424,"date":"2022-08-24T10:00:00","date_gmt":"2022-08-24T14:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2424"},"modified":"2024-04-25T23:18:42","modified_gmt":"2024-04-26T03:18:42","slug":"what-are-qualified-mortgage-credit-certificates-for-home-buyers","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/what-are-qualified-mortgage-credit-certificates-for-home-buyers\/","title":{"rendered":"What Are Qualified Mortgage Credit Certificates for Home Buyers?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/qualified-mortgage-credit-certificates-1024x419.jpg\" alt=\"\" class=\"wp-image-2425\" width=\"1024\" height=\"419\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/qualified-mortgage-credit-certificates-1024x419.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/qualified-mortgage-credit-certificates-300x123.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/qualified-mortgage-credit-certificates-768x314.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/qualified-mortgage-credit-certificates-1536x628.jpg 1536w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/qualified-mortgage-credit-certificates-2048x837.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>It\u2019s One of the Lesser-Known Tax Breaks\u2026<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re like most homeowners, you itemize deductions on your tax return each year and claim your deductible mortgage interest. Did you know there\u2019s an alternative? It\u2019s called the mortgage credit certificate (MCC). The IRS calls it the \u201cFederal Mortgage Subsidy.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sounds like a good thing for those who happen to know what it is, right? And you need to know about it as a first-time home buyer \u2014 <em>before<\/em> you buy your home.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Why You Should Know About the MCC<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With the MCC, you can get back up to 20% of your interest as a&nbsp;tax credit. That\u2019s 20% of the mortgage interest you paid. Not just once. You can keep claiming benefits year after year. &nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Rhode Island, for example, qualified first-time homebuyers are eligible for a certificate that gives a \u201c<a href=\"https:\/\/www.rihousing.com\/firsthomes-tax-credit\/\" target=\"_blank\" rel=\"noreferrer noopener\">dollar-for-dollar tax credit of up to $2,000<\/a>\u201d which may be claimed yearly throughout the life of the mortgage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Is the MCC only for first-time home buyers? Not exactly. It can be for anyone who hasn\u2019t owned a home in the last three years, or people buying in \u201ctargeted areas\u201d as defined by their state or by the Department of Housing and Urban Affairs (HUD). Buyers who are in active military service as well as veterans can also get this credit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But no matter where or on what basis you get it, you\u2019ll probably need to be proactive. Don\u2019t expect your mortgage broker or the loan officer from the bank to tell you about it if you don\u2019t ask. They can help you apply for the qualified mortgage credit certificate with your state or a local housing finance agency. Or you can do a little searching and talk to that agency yourself.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How the MCC Is Better Than the Itemized Deduction<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Most every homeowner knows about the itemized deduction opportunity. Any itemized deduction you claim on your mortgage interest is capped at your <em>marginal rate<\/em>. That is the highest percentage you pay for your taxes.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In contrast, a tax credit is <em>fully credited<\/em>, reducing your taxes that much more.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wait, there\u2019s more! The remaining 80% mortgage interest you paid over the year can be claimed as an itemized tax deduction, further lowering your federal tax payment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, there is an income limit to claim these credits, but it\u2019s high enough to give many buyers a break.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s also a limit on the home price to get the credit, and there is a fee to claim it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Helpful Facts About the Mortgage Tax Credit<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The point of the mortgage credit certificate is to assist home buyers with modest incomes as they pay the lender interest on the mortgages they take out on their homes.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Mortgage credit certificates help lenders approve loans for a bigger pool of borrowers than could otherwise qualify.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Many mortgage loans can be taken out with mortgage credit certificates.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Borrowers may apply for the mortgage credit certificate if the home will be their main residence.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">State MCC rules and credit limits do vary, so look up your state\u2019s version to learn more details. You\u2019ll need an MCC that is in the area covered by the particular government agency where the certificate is issued.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Go About Claiming the Tax Credit<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The credit limit depends on your own credit rate combined with the amount of tax you owe.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Part I<\/h3>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/how-to-go-about-claiming-the-tax-credit.jpg\" alt=\"\" class=\"wp-image-2426\" width=\"379\" height=\"400\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/how-to-go-about-claiming-the-tax-credit.jpg 758w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2022\/08\/how-to-go-about-claiming-the-tax-credit-284x300.jpg 284w\" sizes=\"auto, (max-width: 379px) 100vw, 379px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">On Form 8396, Part I, you\u2019ll calculate the mortgage interest credit for the current tax year, given your MCC credit rate. You\u2019ll also write this amount on your Form 1040, Schedule 3, on line 6g. On Schedule A, state the amount of your \u201creduction of home mortgage interest deduction.\u201d &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, start with Form 8396, where you\u2019ll write down:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The mortgage interest you paid for the tax year. If another person (except for a spouse filing jointly) co-owns the home, enter only the interest you paid.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Your credit rate as shown on your MCC.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Any mortgage interest credit to carry forward from the previous three tax years (see your Form 8396 from the previous year).<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Regardless of what credit rate your certificate is issued for, $2,000 is the limit to what you may claim, and what you\u2019re allowed to carry over from year to year. This is because the IRS limits the maximum tax credit allowable per year at $2,000 for every MCC recipient. (See more about carrying tax credits over in the next section.) &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among <a href=\"https:\/\/www.deeds.com\/articles\/owning-property-in-unequal-shares-as-tenants-in-common\/\">co-owners who are tenants in common<\/a>, percentages of the $2,000 limit get divided to each co-owner according to the interest they hold in the home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Part II<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Part II comes into play if Line 7 is greater than Line 9 on Part I. If so, you\u2019ll use Part II to add up how much mortgage interest credit to carry forward to the next three tax years (or until it\u2019s all claimed \u2014 whichever comes first).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But wait! You say. What\u2019s all this about carrying the credit over? Explain like I\u2019m 5!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OK, say your certificate says your mortgage interest credit is $2,000. This year, your regular tax liability is $1,400. If this is the only tax credit you\u2019re claiming, then you\u2019ll be leaving $600 in credit on the table. But the IRS says you get to \u201ccarry forward\u201d that $600 over three years \u2014 or whenever you finish claiming it all.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, that\u2019s how carrying the credit over works. When you\u2019re finished, file Form 8396 with your tax return. Check \u201c<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8396\" target=\"_blank\" rel=\"noreferrer noopener\">About Form 8396, Mortgage Interest Credit<\/a>\u201d when tax time rolls around for updated information.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">When You\u2019re Selling or Refinancing a Home With an MCC<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you buy your home with a mortgage credit certificate, and decide to sell the home within nine years, you might be expected to repay a recapture tax. Basically, that\u2019s a portion of your credit. As the IRS states:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201c<\/em><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8828\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Use Form 8828<\/em><\/a><em> to figure and report the recapture tax on the mortgage subsidy if you sold or otherwise disposed of your federally subsidized home.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you refinance, you can\u2019t retain your MCC balance, but you can keep your mortgage credit certificate by requesting a reissue. The MCC can be reissued to you at any point up to one year after you closed on the refinance. Didn\u2019t get a new certificate? Call the state or local agency that issued your prior home\u2019s certificate about getting a new MCC. The amount of the credit may differ on your new home.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Note that you can\u2019t apply for a first-time MCC when you refinance. Only before your original home purchase.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Once Again, Knowledge Is Power<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re wrapped up in the home buying experience, things can get a little hectic. There could be benefits available that neither your agent nor your mortgage rep remember to tell you about. Or perhaps they\u2019re not aware that it\u2019s available. And if you find out later, the chance has passed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The MCC is one of those pieces of knowledge. Don\u2019t leave money on the table \u2014 ask about it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">U.S. Internal Revenue Service: <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8396\" target=\"_blank\" rel=\"noreferrer noopener\">About Form 8396, Mortgage Interest Credit<\/a>; see also <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f8396.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Form 8396<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">U.S. Internal Revenue Service: <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8828\" target=\"_blank\" rel=\"noreferrer noopener\">About Form 8828, Recapture of Federal Mortgage Subsidy<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FDIC: <a href=\"https:\/\/www.fdic.gov\/resources\/bankers\/affordable-mortgage-lending-center\/guide\/part-2-docs\/mortgage-tax-credit.pdf\">Mortgage Tax Credit Certificate (MCC)<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">And as linked.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/hispanic-girl-whispering-secret-on-ear-of-friend-7168996\/\" target=\"_blank\" rel=\"noreferrer noopener\">Eren Li<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/a-close-up-shot-of-a-person-writing-on-a-notebook-7247405\/\" target=\"_blank\" rel=\"noreferrer noopener\">Olya Kobruseva<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re like most homeowners, you itemize deductions on your tax return each year and claim your deductible mortgage interest. Did you know there\u2019s an alternative? It\u2019s called the mortgage credit certificate (MCC). The IRS calls it the \u201cFederal Mortgage Subsidy.\u201d Sounds like a good thing for those who happen to know what it is, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[71],"tags":[],"class_list":["post-2424","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are Qualified Mortgage Credit Certificates for Home Buyers? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Sounds like a good thing for those who happen to know what it is, right? 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