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Mortgage tax credit supports first-time homebuyers

By Andrew Gomes

POSTED: 01:30 a.m. HST, May 04, 2014

~~<p class="p1"><strong>Question:</strong> The Hawaii Housing Finance and Development Corp. recently announced its intention to issue $40 million in federal mortgage tax credits to help people buy their first home. What are these credits and how do they work?</p>
<p class="p1"><strong>Answer:</strong> The Mortgage Credit Certificate (MCC) program provides eligible first-time homebuyers with a dollar-for-dollar federal tax credit on 20 percent of the annual interest paid on the mortgage, thereby reducing the amount of federal income taxes and increasing available income to qualify for a mortgage. The remaining 80 percent is still eligible to be claimed as an itemized deduction.</p>
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Question: The Hawaii Housing Finance and Development Corp. recently announced its intention to issue $40 million in federal mortgage tax credits to help people buy their first home. What are these credits and how do they work?

Answer: The Mortgage Credit Certificate (MCC) program provides eligible first-time homebuyers with a dollar-for-dollar federal tax credit on 20 percent of the annual interest paid on the mortgage, thereby reducing the amount of federal income taxes and increasing available income to qualify for a mortgage. The remaining 80 percent is still eligible to be claimed as an itemized deduction. Login for more...



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