Michigan First Time Home Buyer Tax Credit. This tax credit was up to 7 500 for first time homebuyers which was very exciting at the time. After the first two years hera had some minor changes.
For first time homebuyers or repeat buyers in targeted areas. An mcc allows homeowners to claim 20 of their annual mortgage interest as a tax credit on their federal return providing a dollar for dollar reduction in tax liability every year for the life of the original mortgage. For first time and repeat homebuyers looking for more flexibility in a mortgage.
Homebuyer education class required available to first time homebuyers have not owned a home in the previous three years statewide and repeat homebuyers in targeted areas.
Any first time homebuyer in the state of michigan should consider filing for the mortgage credit certificate mcc program. Even though the credit itself has not been extended there are still ways you can get your first house with some help. The mortgage credit certificate program mcc provides a federal tax credit to first time home buyers throughout the state. Mortgage credit certificate mcc homebuyer federal tax credit available for up to 30 years after purchase.