Florida’s MCC Virtually Pays You to Be A New Home Owner


We’re all about finding ways to help you get into a new home (maybe you saw our video last week on the huge potential savings that can come with a Fannie Mae HomePath property). What if we were to tell you that the state of Florida will essentially pay you to move into a new home?

Of course there are some requirements: You need to either be a “new” homebuyer or an active duty member of the military (or a veteran who qualifies for VA financing). We put the “new” in quotation marks because this doesn’t mean your new property needs to be the first home you’ve ever bought. It only requires that you haven’t owned a home in the past three years. Owned for a while and then moved into a rental for three or more years? You still qualify.

Florida’s Mortgage Credit Certificate Program will give you $2,000 for every year during the length of your mortgage, added as part of your annual tax return. That means that if you take part in a conventional, 30-year mortgage, you’ll be receiving a total of $60,000 across that span. Think about what you could do with that extra bit of cash.

Another benefit to the MCC program is that the yearly $2,000 you receive can be used as qualifying income when you’re applying for a mortgage, even if you haven’t actually received the money yet.

$2,000 might seem like small change when applied toward a $200,000 home, but consider what it actually means. That yearly total comes out to around $166 a month, which translates to about $20,000 in terms of qualifying purchase price. This means that if you qualified for a $200,000 home before, now you qualify for a $220,000 home.

What sort of difference does that make? The extra $20,000 could mean three bedrooms instead of two, or a property located within a better school district. You decide!

This program is an excellent benefit to people who have been looking to get out of a rental situation and into a home. The money that the MCC brings back to you via your tax return can serve as a cushion for the higher down payment and closing costs that sometimes dissuades a shopper from making the plunge.

If you think that the Mortgage Credit Certification program could pay off for you, make sure that you take the right steps to accomplish it. Speak with your lender to make sure that they’re certified to offer the program.

Primary Mortgage Residential wants to help you get into a new home, and we offer a variety of resources to help you understand the financial process and how to get the best deal on your way to that home. Use these options to get expert tips on home-buying and shopping for loans.

 chat51 youtube34 rss25
Leave a comment below, and a member of our qualified staff will be pleased to help you out!If you’d like to learn more about Florida’s Mortgage Credit Certificate program and how it can help you qualify for a bigger and better home, be sure to watch and share our video on the MCC and how to qualify!Subscribe to our YouTube page for fresh and frequently updated content, keeping you on top of the industry.

Ready to Buy or Refinance?
Let us show you how.

With our years of experience, we are completely focused
on getting you the best deal.