Mortgage Credit Certificate Law and Legal Definition

Mortgage credit certificate means any certificate issued under a qualified mortgage credit certificate program by the State or political subdivision having the authority to issue a qualified mortgage bond to provide financing on the principal residence of the taxpayer. They are generally issued in connection with the acquisition, qualified rehabilitation, or qualified home improvement of the taxpayer's principal residence. Mortgage credit certificate will contain statements regarding the certificate credit rate and the certified indebtedness amount. They will be issued in such form as may be prescribed by the Secretary [26 USCS § 25(c) (1)].