The Mortgage Credit Certificate is a little known, but wonderful tax benefit that is available to purchasers of residential property in Michigan. The program was created by the federal government and is administered through state agencies. For a small fee, homebuyers in designated geographic areas of the state may purchase a federal income tax "credit" certificate. The certificate assures the purchaser may claim a specific percentage of the annual interest the homeowner pays annual as part of a mortgage as a direct credit against annual income taxes. The bottom line is, for a few hundred dollars, a homeowner can reduce up to thousands of dollars of annual federal income tax obligations.
MCC Income and Sale Price Specifications