Mortgage Credit Certificate Program

 

A Tax credit program for first time home buyers in Broward County

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Program Description


The Housing Finance Authority of Broward County has launched a Mortgage Credit Certificate (MCC) program to help reduce home loan financing costs for qualified homeowners in Broward County.

The MCC program entitles qualified applicants to a federal income tax credit in an amount of up to $2,000 annually. This enables qualified owners or buyers, who owe federal income taxes, to benefit from a dollar-for-dollar reduction of their tax bills. Additionally, the homeowner will continue to receive the tax credit each year they continue to live in the home financed under the MCC program.

The MCC program is not a mortgage; however, it may be used in conjunction with a first mortgage from a participating lender (except a mortgage revenue bond loan.) Borrowers must meet standard mortgage underwriting requirements, which demonstrate credit worthiness, and meet the MCC program’s income and home purchase price requirements.

http://www.broward.org/HOUSING/MORTGAGECREDIT/Pages/Default.aspx