Generally, an MCC is issued solely in connection with a brand new mortgage for the purchase of your primary home. The mortgage curiosity credit is meant to assist lower-income individuals afford home ownership. If you qualify, you presumably can declare the credit on Form 8396 each year for part of the home mortgage interest you pay. A home features House & Home Improvement News a house, condominium, cooperative, cell home, house trailer, boat, or similar property that has sleeping, cooking, and toilet services. A mortgage holder could be a financial institution, a governmental unit, or a cooperative housing company. If …