The Florida MCC (Mortgage Credit Certificate) Program


Florida Mortgage Credit Certificate Program in Ocala

The Florida Mortgage Credit Certificate (MCC) Program provides cash back to first time home buyers every year that they live in their new home. The MCC Program lets the homeowner to claim up to 50% of the total mortgage interest paid as a TAX CREDIT on their federal IRS tax return. A Tax Credit is quite different from a Tax Deduction. A deduction reduces the income used to calculate the taxes owed. Every home owner can deduct the mortgage interest paid on his or her primary residence from their income before calculating the taxes they owe for the year. A tax credit however is subtracted directly from the amount of taxes you owe! 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/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 Program Tax CreditPay Up To $2000 Less in Federal Taxes – Every Year!

Imagine paying $2000 less in taxes every year! Even if you typically get a refund, your employer has most likely withheld taxes from your income throughout the year. The MCC credit means that you will get up to $2000 MORE of this money 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 1st time home buyers. 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 several in the greater Ocala area). The MCC Tax Credit is also available 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. The MC Program has income limits for the household as well as caps on the purchase price of the home. However, both of these qualifications are quite generous and we are finding that many people in the Ocala area qualify. In addition, because the MCC Program actually puts money back in your pocket each year, we can use that extra money 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 in Ocala qualifies for the Florida Mortgage Credit Certificate Program.

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