I laid out the sequence to show you one direction of that dependency. Just because the dependency works in several directions does not mean that the others are not valid. You cannot disentangle the MITD from the home purchase in the way that you are attempting to do so. They already do that exact calculation when they qualify you for a loan. And yes we have done this twice and are about to do it a third time.
Banks constantly make loans against future cash flows of varying degrees of uncertainty.
That level of risk is why they vary their interest rates, and why you can't get a home loan at the prime rate. This leads to state yet another fact you will probably find shocking. Banks and corporations actually consider tax consequences when making investment decisions. They actually consider things like tax credits and deductions against income to be potential cash flows when financing a project. We're even helping a state agency in California design yet another tax credit to help investment in new technologies.