Mortgage Credit Certificate Program

As another alternative for affordable housing, borrowers can get homeownership assistance through federal tax credits granted by the state or municipality based on the size of mortgage interest paid on the loan taken.

  • Must be first-time homebuyers to be eligible
  • Can be used as qualifying income (MCC amount divided by 12 months)
  • It is typically a credit worth 20% of interest paid, up to $2000/year.

Here is a sample MCC calculation:

$150,000 (mortgage amount) x 4 percent (mortgage interest rate) x 20 percent (MCC percentage) = $1,200 (eligible credit amount)

You can learn more on state eligibility for this program through the State Housing Finance Agencies (HFA).

Additional Information

Florida Housing Finance Corporation

Mortgage Credit Certificate Program Q&A
Download Program Documentation