Guidelines Flashcards
(3 cards)
1
Q
What is MCC , stand for? What does it allow for/benefits?
A
Mortgage Credit Certificate. It is for eligible first time home buyers and allows for 20% of your mortgage interest paid in a year to be dollar/dollar credit, the remaining interest is normal deduction. Can roll over for 3 years.
2
Q
What are the MCC 2023 income limits for family of 2 or less? 3 or more?
A
$136,920 ; 159,740 both for Maui. Depends on island. Oahu is higher.
3
Q
What are the MCC 2023 Purchase price limits?
A
Maui - $687,951 Oahu is less at $621,067
