Is anyone doing the SONYMA MCC program?

Can you explain how it works? I feel so dumb because my mortgage guy explained it to me and I still don't get it 100%.

Message edited 9/23/2009 7:30:55 PM.

Re: Is anyone doing the SONYMA MCC program?

Usually you write off your mortgage interest as a tax deduction so it reduces your income and you pay taxes on the balance. The MCC is a direct tax credit of 20% of your mortgage interst so that directly reduces taxes due and you could take home more each month. For example on a $300K mortgage you pay about $15,600 in interest in first year, 20% $3,100 or $250 month extra in take home pay.

Re: Is anyone doing the SONYMA MCC program?

Thank you, your explanation helped so much. My husband and I didn't understand!

Re: Is anyone doing the SONYMA MCC program?

okay one more question...

so basically you are getting this money up front so when you do your taxes you will get less back? am I understanding this right?

Re: Is anyone doing the SONYMA MCC program?

You could either change your deductions to take home more each month or get a bigger refund at tax time

Re: Is anyone doing the SONYMA MCC program?

Are there income restrictions on this SONYMA program?

Re: Is anyone doing the SONYMA MCC program?

Message edited 9/24/2009 10:38:20 AM.