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UP TO $2,000 IN FEDERAL TAX REFUND FOR FIRST TIME HOME BUYERS IN NORTH CAROLINA
Up to $2,000 in Federal tax refund is available for first time home buyers in North Carolina.  There is a program called “Mortgage Credit Certificate” (MCC) for first time home buyers in North Carolina.  Normally the mortgage interest a homeowner pays is handled as a tax deduction, meaning it reduces their taxable income.  Under the MCC program, 30% of that interest is converted to a tax credit which means more money in their pocket. This program is available through lenders who participate with North Carolina Housing Finance Agency.
 
An example of calculating the MCC is:
$100,000         Loan Amount
X  4.00%          x Interest rate
$4,000             First Year Interest
 
X    30%           x MCC Credit
$1,200             Annual Credit
 
÷       12           Months per year
$100                Monthly Credit
 
Using the example above this monthly credit of $100.00 can be used to lower the first time home buyers qualifying ratios.  Also, and this is the best part, the homeowner will receive this credit as long as the home remains their primary residence and they have this mortgage.  This can add up to tens of thousands of dollars over the life of the loan.
To be eligible, the main guidelines are: the buyer and ... more

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