Finally…Paying Interest Pays off!
Great news for those of you paying interest on your home mortgage! The Michigan State Housing Development Authority (MSHDA) is offering a Mortgage Credit Certificate (MCC) which is a federal tax credit for people who have purchased a home. The MCC allows home buyers to credit 20% of their annual mortgage interest paid against their year-end federal income tax.
The tax credit is good for the life of the original loan and must meet the following criteria.
- Purchase Price maximum of $224,500
- Household income: varies statewide and is determined by location and family size.
- Single Family home
- Max 2 acres
- Cannot be combined with a MI First Home or a MI Next Home MSHDA Mortgage
For more questions on the MCC Tax Credit call your favorite Treadstone Loan Officer today!