First-time homebuyers rejoice! The Mortgage Credit Certificate (aka MCC) program provides qualified homebuyers with income tax savings of up to 30% of the interest paid on their mortgage loan.
- Tax credit up to 30% of the interest paid on a mortgage loan
- Savings to continue each year based on the actual mortgage interest paid
- Remaining interest can be claimed as a tax deduction
- $400 program discount when combined with Home is Possible (see HIP Plus)
- First-time homebuyers (have not owned a home in the past 3 years) or qualified veterans
- Households meeting normal FHA, VA, conventional or USDA RD underwriting requirements
- Households within the maximum income and purchase price limits
- Must live in the home as the primary residence
- One-time fees: $795 program fee plus $300 lender application fee
As of October 1, 2015, the MCC program fees are waived for qualified veterans. Veterans who are honorably discharged, active duty military members who are first-time homebuyers, surviving spouses and National Guard service personnel are eligible.