NC Mortgage Credit Certificate

Macdaddy4738

Macdaddy4738

Well-Known Member
Joined
Jun 1, 2005
Has anyone utilized this before? I just bought my first house and qualified for it. Did all the paperwork so I'm good to go...but I have no clue how to even get this benefit money.

Basically, the MCC allows you to claim 30% of the interest you pay on your mortgage, up to $2,000. You can opt to get this in a lump sum at the end of the year, or monthly via an increase in take home pay.

I assume this is done with an amended W-4, but I have no clue where/how to make the change. My bank who qualified me and did the paperwork doesn't know what I need to do. My HR Director has no clue either. Any advice?
 
I have a mcc from before the economy tanked it was a little better deal back then not sure of the details I would have to look it up it has more then paid for itself over the last 7 years for me I would say do it if you will be in your house for atleast 5 to 10 years beacuse I think mi e cost 1k and that will take a few years tk pay for itself
 
It's easy to spot the 2 income families too I guess.
 
Fabrik8 said:
The income limits on page 75 for a 2 person household are really low... Am I missing something here?
Click to expand...
yep, the state dosn't want to hand out money to just anybody.

We used something like this, under a different name I think, back in '02 for our first home.
Frankly it made the difference between being able to afford it and not. Wife was a young teacher, I was in grad school.

Also note it's a 9 year commitment. If you sell early, you have to pay back a % of your credit, paid to the state through your taxes. We got hit w/ that but it was small % by then and we could afford it.
 
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