[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-303453-105":53,"doc-detail-303453-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","mcc-borrower-program-information-how-to-claim-the-credit","MCC Borrower Program Information - How to Claim the Credit","","MCC Borrower Program Information explains the Mortgage Interest Credit (MCC) and how it can reduce federal income taxes by allowing a portion of mortgage interest to be taken as a credit. It describes how the credit works with IRS Schedule A, Form 1040, and how a revised W-4 may provide monthly benefit. The document also outlines borrower and lender responsibilities, required forms (including IRS Form 8396), and the NCHFA Tax Credit Worksheet used to estimate the first-year credit.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/mcc-borrower-program-information-how-to-claim-the-credit/303453/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/mcc-borrower-program-information-how-to-claim-the-credit/303453.png","ImageObject",442,249,{"name":88,"@type":89},"Graffin","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-04","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",7,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Who is eligible to receive the MCC Mortgage Interest Credit?","Question",{"text":109,"@type":110},"The MCC credit is available while the borrower has the mortgage and occupies the home as a principal residence.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How does a borrower receive the MCC benefit during the year?",{"text":114,"@type":110},"By filing a revised W-4 Withholding Allowance Certificate, the borrower changes monthly withholding so the MCC amount may be received monthly rather than only at year end.",{"name":116,"@type":107,"acceptedAnswer":117},"Which forms must be filed to claim or calculate the MCC each year?",{"text":118,"@type":110},"Each year, the borrower must file IRS Form 8396 with federal taxes; the credit amount from Form 8396 is entered in Form 1040. The lender also provides an MCC Borrower Information packet and related documents.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},303453,1790351394,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":76,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":9},3573418547284,"https://eur-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","MCC BORROWER PROGRAM INFORMATION  \nWhy is the Mortgage Interest Credit Valuable to Me?  \nGenerally, a homeowner is allowed to claim 100% of their mortgage interest as a federal income tax deduction. Deductions are recorded on IRS Schedule A and transferred to the Form 1040 to reduce the amount of income used to calculate federal taxes. For example:  \nIncome  \nMortgage Interest deduction  \nIncome used to calculate taxes  \nTaxes owed (10% tax rate)  \nWith a 30% credit, 30% of the $5,500 or $1,650 is taken as a credit, while the remaining 70%, or $3,850 is a deduction.  \nFor example:  \nIncome  \nMortgage interest deduction  \nIncome used to calculate taxes  \nTaxes owed (22% tax rate)  \nApply 30% credit  \nActual taxes  \n$52,200  -5,500 $46,700  \n$ 3,000  \n$52,200 - 3,850 $48,350  \n$ 10,637 -1,650 $8,987  \nThe example shows that the 30% credit will lower taxes by $1,287.  \nThe MCC credit is available as long as the borrower has the mortgage and occupies the home as a principal residence.  \nHow DoI \"Claim\" the Credit?  \nBy filing a revised W-4 Withholding Allowance Certificate, you will change your monthly tax withholding and you may receive the MCC credit amount on a monthly basis rather than \"claiming\" it at the end of the year. You can request your employer to deduct less taxes from your paycheck over the year so that you can use the additional money to help pay your monthly house payment.  \nIn either case, you must file IRS form 8396 each year with your federal taxes. IRS form 8396 calculates the actual benefit allowable under the program based on your tax liability, up to the maximum of $2,000 . Not all borrowers will realize the full $2,000 benefit.  \nWhether you change your monthly withholding through your employer or wait until the end of each year, you will get the total amount of credit you are eligible for based on your tax liability.  \nIn some instances, your lender may require that you revise your monthly tax withholding so that you will have sufficient funds with which to make your mortgage payment. To do this, the lender may ask you to revise your W-4 and submit it prior to loan closing.  \nWhat will the Lender Do?  \n1. The lender must provide the following information to the borrower:  \na. A completed NCHFA Tax Credit Worksheet that provides an estimate of the first year's tax credit;  \nb. An MCC Borrower Information packet which includes:  \n-MCC Borrower Program Information  \n-Recent IRS W-4, Withholding Allowance Certificate  \n-Recent IRS Form 8396, Mortgage Interest Credit  \nc. A copy of the Conditional Commitment from NCHFA which verifies that the borrower has conditionally been approved for an MCC.  \n2. The lender must advise the borrower if they are required to revise the W-4 prior to closing, or ifit is optional.  \nWhat Must I (Borrower) Do?  \n1. If required, the borrower must complete the W-4 according to directions in the \"How Do I Change My Withholding?\" section.  \n2. The borrower must give the original W-4 to their employer.  \n3. At the end of the tax year the borrower must complete IRS Form 8396. The form must be completed and the credit amount from Form 8396 must be entered in Form 1040. Seethe NCHFA Tax Credit Worksheet foryour tax credit rate (may be 30% or 50%. The borrower may also enter the remainder (70% or 50%) of the annual mortgage interest on Schedule A as an itemized deduction.  \n4. The Mortgage Credit Certificate is mailed to the mortgagor(s) once NCHFA has received an acceptable closing package delivered by the lender. The Mortgage Credit Certificate form must be kept in a safe place. It will be proof that the borrower is entitled to receive the credit each year for the life of the loan, while the borrower occupies the home.  \nHow DoI Change My Withholding?  \nThis material is to help you understand the effect of the Mortgage Credit Certificate on your income taxes. Tax law is complicated and this is not a full explanation. These examples and the descriptions of how to revise withholding certifi","cbCaimiwFpmARql3","https://ap.wps.com/l/cbCaimiwFpmARql3","pdf",130495,"English","# MCC Borrower Program Information\n## Why the Mortgage Interest Credit Is Valuable\n## How to Claim the Credit\n## What the Lender Must Do\n## What the Borrower Must Do\n## How to Change Withholding\n## NCHFA Tax Credit Worksheet","[{\"question\":\"Who is eligible to receive the MCC Mortgage Interest Credit?\",\"answer\":\"The MCC credit is available while the borrower has the mortgage and occupies the home as a principal residence.\"},{\"question\":\"How does a borrower receive the MCC benefit during the year?\",\"answer\":\"By filing a revised W-4 Withholding Allowance Certificate, the borrower changes monthly withholding so the MCC amount may be received monthly rather than only at year end.\"},{\"question\":\"Which forms must be filed to claim or calculate the MCC each year?\",\"answer\":\"Each year, the borrower must file IRS Form 8396 with federal taxes; the credit amount from Form 8396 is entered in Form 1040. The lender also provides an MCC Borrower Information packet and related documents.\"}]","MCC Borrower Program Information - How to Claim the Credit | PDF",1789803761]