Community Development Commission

Who is eligible for a Mortgage Credit Certificate?

• First-time Homebuyer .
• Homebuyers whose household incomes do not exceed the Income Limitation.

First-time Homebuyer Requirement: The MCC applicant cannot have had an ownership interest in a principal residence at any time within the past three years. Ownership interest is verified by inspection of the last three years's federal income tax returns. In targeted areas, the first-time homebuyer rule does not apply.

Income Limitation: In order to qualify for an MCC, the Applicant's household income must be below the following limits:

• 20% Credit: Maximum purchase price is $170,000. Target areas do not apply.
  • $28,750 (1 person in household).
  • $32,850 (2 persons in household).
  • $36,950 (3 persons in household).
  • $41,050 (4 persons in household).
  • $44,300 (5 persons in household).
  • $47,600 (6 persons in household).
  • $50,900 (7 persons in household).
  • $54,150 (8 persons in household).
  
  
• 10% Credit:
  • $51,300 (1 or 2 persons) in non-targeted areas.
  • $61,560 (1 or 2 persons) in targeted areas.
  • $58,995 (3 or more persons) in non-targeted areas.
  • $71,820 (3 or more persons) in targeted areas.