Thanks to my fellow CMPS member, Mike Winesburg, this is his response to the question on whether a borrower can utilize both the MCC (Mortgage Credit Certificate) AND the $7,500 First Time Homebuyer Tax Credit (as a result of the Housing and Economic Recovery Act of 2008), when filing their federal tax returns next year:

Mike Winesburg stated:  "I just spoke to the IRS yesterday on this exact issue.  What they told me is that although the HR 3221 is still being amended, as it reads today there is no exclusion of the MCC if the new tax credit ($7,500) is utilized!  So, you get the benefit of both credits"

As always, there are stipulations, so please check with your tax consultant on all issues.