Mortgage Credit Certificate (MCC)

The Florida Housing Mortgage Credit Certificate (MCC) Program is designed to help first time homebuyers save money each year that they live in their home.

MCC Program Purchase Price Limits

Using the MCC Program a homeowner can claim up to 50 percent of their paid mortgage interest each year as a TAX CREDIT on their federal IRS tax return. The credit is capped at $2000* annually and any remaining mortgage interest not included as part of the TAX CREDIT is still eligible for the home mortgage interest deduction on their federal tax return.

A little-known fact is that the MCC can also be used to help First Time Home Buyers use that $2000 annual tax credit and add $166.67 to their monthly income during the mortgage qualification period to help qualify for a slightly higher priced house.

Each year, a homeowner may claim a dollar-for-dollar reduction of income tax liability on up to 50 percent of the mortgage interest on their first mortgage (depending on the loan amount), reducing the amount of federal taxes owed. This amount is capped as a $2000 Federal tax credit

Florida Housing’s MCC Program is for first time homebuyers purchasing a home, non-first time homebuyers purchasing a home in targeted areas in Florida or for eligible veterans purchasing a home anywhere in Florida.

The Florida Housing MCC can be issued with any participating lender's fixed rate first mortgage loan (in specific approved Florida counties). It cannot be used with the Florida Bond First Time Homebuyer (bond loan) Program or local housing agency bond loans. It only applies to the 1st mortgage not the conjoining down payment assistance loan or grant.

MCC Program Income Limits