The MCC Tax Credit is one of the most valuable First-Time Home Buyer tax credits in the country – and it’s now available in Portland, Oregon
Maximize Your Tax Benefit
The Mortgage Credit Certificate (MCC) tax credit supercharges the tax benefits of homeownership by converting the first 20% of your annual mortgage interest expense into a dollar-for-dollar tax credit.
Many Portland area lenders are not certified to offer this tax credit, so make sure you work with a certified lender. You cannot apply for the tax credit after you have already purchased your home.
Real World Example
On a $300,000 loan amount at 4.5%, 30 year fixed (4.6% APR), the MCC would provide an annual tax credit of approximately $2,700. That is equivalent to a savings of $225/month!
What can the MCC do for you?
1. Increase affordability of home ownership
2. It can offset a good chunk of your mortgage payments
3. It can offset more than the cost of monthly mortgage insurance
4. And it never expires as long as you remain in the home and the loan