The Florida MCC (Mortgage Credit Certificate) Program

Florida Mortgage Credit Certificate Program in Gainesville, FL

The Florida Mortgage Credit Certificate (MCC) Program provides cash back to first time homebuyers each year that they live in their new home. The MCC Program allows the homeowner to claim as much as 50% of their total mortgage interest paid as a TAX CREDIT on their federal IRS tax return. A Tax Credit is very different from a Tax Deduction. A deduction reduces the income used to calculate the taxes you owe. Every homeowner is allowed to deduct the mortgage interest paid on his or her primary residence from their income before calculating taxes. A tax credit however is subtracted directly from the amount of taxes you owe for that year. This results in a dollar-for-dollar reduction in taxes owed to the US government, and in most cases increases your refund by that same amount. The MCC TAX CREDIT is capped at $2000 per year. However, the rest of the mortgage interest that you have paid that year, which has not been claimed as a TAX CREDIT, is still eligible for the traditional home mortgage interest deduction.

Florida MCC Tax Credit ProgramPay Up To $2000 Less in Federal Taxes – Every Year!

Imagine paying $2000 less in taxes every year! Even if you normally get a refund, your employer has withheld taxes from your income throughout the year. The MCC credit means that you will get up to $2000 MORE refunded back to you each year that you live in your home.

Who Can Get an MCC Tax Credit?

Florida Housing’s MCC Program is primarily for first time homebuyers. However, even if you are not a 1st time home buyer you may still qualify for the MCC tax credit if you are purchasing a home in a targeted area. There are also special considerations for eligible veterans purchasing anywhere in Florida.

The MCC Program can be issued with any of our fixed rate mortgage loans. It is a program that we put “on top” of the mortgage program that works best for you. There are income limits for the household as well as caps on the purchase price. However, both of these restrictions are quite generous and we are finding that many people in the Ocala, Gainesville and The Villages areas qualify. In addition, because the MCC Program puts money back in your pocket every year, we can use that savings to help you qualify for more home.

Don’t leave money on the table – What would you do with an extra $20,000 over the next 10 years?

Contact a Landmark Mortgage Planner today to find out if your home purchase qualifies for the Florida Mortgage Credit Certificate Program.