MIAMI DADE COUNTY
Housing Finance Authority of Miami-Dade County
Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
ELIGIBLE AREAS – Miami-Dade County
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by a Housing Finance Authority in the State of Florida. The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 50% of their annual mortgage interest as a tax credit (maximum $2,000) while continuing to use the balance of the interest as a deduction. The MCC Program tax credit is up to $2,000 EVERY YEAR FOR THE LIFE OF THE LOAN as long as the property remains the borrower’s principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or. 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with the HFA of Miami-Dade County Single Family First Mortgage Program that offers down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage.
To see if you qualify please read the qualifications below and contact a participating lender.
ELIGIBILITY CRITERIA* –
FEDERAL INCOME TAX LIABILITY -
In order for a borrower to bene t from the Mortgage Credit Certi cate they must have Federal Income tax liability. Just because you received a tax refund does not mean you dont have tax liability. To determine your tax liability look at your IRS 1040 line 37. The number indicated on that line is your tax liability. A large number means you are a great t for the MCC program. Even a small number means you will bene t from the MCC. However, zero indicates you would not be a good t for the MCC because you have no tax liability.
Housing Finance Authority of Miami-Dade County
Mortgage Credit Certificate Program
Please speak with your tax advisor or tax professional or tax preparer to determine your estimated tax liability and the value of the MCC. The following information is for informational purposes only and does not constitute professional tax advice.
ELIGIBLE AREAS – Miami-Dade County
First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by a Housing Finance Authority in the State of Florida. The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK?
An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 50% of their annual mortgage interest as a tax credit (maximum $2,000) while continuing to use the balance of the interest as a deduction. The MCC Program tax credit is up to $2,000 EVERY YEAR FOR THE LIFE OF THE LOAN as long as the property remains the borrower’s principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or. 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with the HFA of Miami-Dade County Single Family First Mortgage Program that offers down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage.
To see if you qualify please read the qualifications below and contact a participating lender.
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must have Federal income tax liability (see below).
- Buyers must be able to qualify for an underlying mortgage product (FHA, VA, RD, Conventional)
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
FEDERAL INCOME TAX LIABILITY -
In order for a borrower to bene t from the Mortgage Credit Certi cate they must have Federal Income tax liability. Just because you received a tax refund does not mean you dont have tax liability. To determine your tax liability look at your IRS 1040 line 37. The number indicated on that line is your tax liability. A large number means you are a great t for the MCC program. Even a small number means you will bene t from the MCC. However, zero indicates you would not be a good t for the MCC because you have no tax liability.
HOMEBUYER EDUCATION – All owners, unless qualifying under a Veteran's Exception or those who are exempt by purchasing a home in a Federally Designated Targeted Area as specified in the this Program Guide, must attend a
6-8 hour homebuyer education course. Acceptable forms of education are:
HFA of Miami-Dade County online education provided by eHomeAmerica. Click on this link.
Face-to-face homebuyer education if provided by a HUD approved counseling agency.
Click on this link for a list of HUD approved education providers in Florida.
A unit of local government that provides pre-purchase homebuyer education in FL (or a counseling
agency designated by a unit of local government to provide homebuyer education on their behalf).
Online HBE is permitted if provided by a HUD approved agency, a unit of local government that
provides pre-purchase homebuyer education in FL or an Agency or GSE sponsored course.
NOT ACCEPTABLE: Education provided by: a Mortgage Insurance Provider, a lender and education over the phone.
Certificates of completion are acceptable for 2 years from the date of completion.
6-8 hour homebuyer education course. Acceptable forms of education are:
HFA of Miami-Dade County online education provided by eHomeAmerica. Click on this link.
Face-to-face homebuyer education if provided by a HUD approved counseling agency.
Click on this link for a list of HUD approved education providers in Florida.
A unit of local government that provides pre-purchase homebuyer education in FL (or a counseling
agency designated by a unit of local government to provide homebuyer education on their behalf).
Online HBE is permitted if provided by a HUD approved agency, a unit of local government that
provides pre-purchase homebuyer education in FL or an Agency or GSE sponsored course.
NOT ACCEPTABLE: Education provided by: a Mortgage Insurance Provider, a lender and education over the phone.
Certificates of completion are acceptable for 2 years from the date of completion.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
SPANISH FLYER - CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
SPANISH FLYER - CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS