First Time Homebuyer Education
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Loan Officer Quick Reference
How to Become a Participating Lender
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Housing Mortgage Credit Certificate (MCC) Program can help first time
homebuyers save money each year that they live in their home. With the MCC
Program the 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.
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.
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. It cannot be used with
our First Time Homebuyer (bond loan) Program or local housing agency bond
The MCC Program has income and purchase price limits. These limits differ from county
to county as well as by household size. Please contact a participating
lender if you have questions or would like to apply for a MCC.