VHDA Mortgage Credit Certificates- Boost the Tax Benefits of Owning a Home!
The Mortgage Credit Certificate (MCC) program from VHDA could save first-time home buyers thousands of dollars by reducing the amount of federal income tax owed.
Unlike an income tax deduction, an MCC is a dollar-for-dollar credit against your federal income tax liability:
- The credit is equal to 20 percent of the annual mortgage interest you pay
- The remaining 80 percent may still be taken as a tax deduction
- The MCC is effective for the life of your mortgage, as long as you live in the home
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