Mortgage Credit Certificate

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. 

The annual savings, about $2,000 per year, is like getting a well-deserved bonus during tax season. Over the life of the loan, that could mean tens of thousands of dollars saved. Because the one-time fees are typically less than the amount you’ll save in your first year, you’ll be ahead of the game from the get-go. 
The MCC program is available statewide to first-time homebuyers and qualified veterans. Check out these program details.
Key Benefits:
  • 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)
Program Requirements:
  • 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

Veteran Discount
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.

Mortgage Credit Certificate Calculator
Estimated Costs and Tax Savings


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