I cannot give financial advice however there is a Tax Credit available with this certificate.
A MCC is not a tax deduction, but rather it provides a dollar-for-dollar tax credit to recipients to increase housing payment affordability. In some cases, MCCs can also help borrowers who might not otherwise qualify for a loan by reducing their net monthly mortgage payment.
Information about Mortgage Credit Certificate from FDIC
You can claim the credit only if you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified mortgage credit certificate program.
For the latest information about developments related to Form 8396 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form8396.
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