The Florida Housing Mortgage Credit Certificate (MCC) program helps first-time home-buyers in a big way. The Mortgage Credit Certificate actually allows homeowners to get a tax credit on their Federal tax returns every single year. Seriously. Every single year.
This isn’t a deduction, it’s an actual tax credit. Homeowners with a Mortgage Credit Certificate can save claim between 10 to 50 percent of their mortgage interest each and every year. This is a dollar-for-dollar reduction of taxes owned with a cap on the tax credit set at at $2,000 per year for a credit that exceeds 20 percent.
Then, any mortgage interest not included in the tax credit is still allowed to be deducted as usual on the Federal tax return.
The Florida Housing Mortgage Credit Certificate
Here’s the deal though. You can only get a Mortgage Credit Certificate in Florida if the state considers you a first-time home-buyers with a couple of exceptions. If the home you want to buy is in one of the Federally Designated Target Areas in Florida or you are an eligible veteran, you can get a MCC as well.
A MCC can be issued with any fixed-rate mortgage loan that is through a participating lender. Not all lenders are participating lenders though. If a lender doesn’t participate, they probably aren’t going to inform you that you could get a MCC through another lender.
How To Get A Mortgage Credit Certificate
There are home price limits and income limits that differ between counties and family size. You can figure those out here. Here’s the really major point though: You can’t get an MCC after you buy the house. It has to be issued as you buy the house. So, a year later, you can’t just go and apply for an MCC just because you would have qualified.
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Please consider our team at Alex MacWilliam Real Estate whether you’re selling your home or looking for a new one. We love helping make people’s dreams come true. Plus, we’re experts in this area. Want to find a place to golf in Vero Beach? Just ask one of our skilled realtors while touring your potential new house! Our realtors will try to answer any questions you might have about amenities you can find nearby. Also, check out our Vero Beach relocation guide.
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