New First Time Home Buyer Tax Credit!
Tuesday, September 29th, 2009New York State Mortgage Credit Certificate Program (MCC) is a new program for first time home buyers. With MCC, Â 20% of your annual mortgage interest can be converted into a tax credit and deducted from your Federal Income tax.
Example with a mortgage of $200,000 and an interest rate of 5.5% the mortgage interest paid in the first year is $10,933. With an MCC, 20% of interest can be converted to a direct tax credit, a savings of $182 per month, $2,186 per year.
