State Program
IHCDA Mortgage Credit Certificate
Offers a federal tax credit of up to $2,000 annually for eligible first-time buyers using IHCDA loans, helping reduce long-term costs.
Program Details
### Program Overview
### IHCDA Mortgage Credit Certificate (MCC)
The **MCC Program** provides a tax credit worth up to $2,000 per year, which reduces the federal income taxes a borrower owes. This credit is equal to 20-35% of the annual mortgage interest paid.
**Program Highlights:**
- Tax savings up to $2,000 annually
- Can be layered with IHCDA mortgage programs
- Reduces housing costs without increasing loan size
**Who Should Use This Program?**
- First-time homebuyers looking for affordability
- Low- to moderate-income families
- Residents seeking long-term housing stability
**What You Need to Know**
- Program eligibility varies by income and location
- You may be required to complete a homebuyer course
- Assistance may be structured as a grant or loan
**Next Steps**
1. Review eligibility requirements and program benefits
2. Contact a participating lender or city agency
3. Gather financial documents and prepare to apply
4. Complete homebuyer counseling if needed
5. Finalize your loan and receive program benefits
---
### 🔍 Key Features
- Tailored to Indiana homebuyers
- Access to financial assistance
- Available through approved lenders statewide
---
### 👤 Who Is This Program For?
This program is ideal for:
- First-time or repeat homebuyers in Indiana
- Households with limited income or savings
- Buyers seeking predictable monthly mortgage payments
- Individuals needing help with upfront costs like down payments or closing fees
---
### 📌 What Sets It Apart?
- Competitive interest rates and loan terms
- Potential combination with federal or local incentives
- Emphasis on sustainable homeownership and financial stability
- Support from certified housing counselors
---
### 📝 How to Get Started
1. Visit the [official program website](#) or contact an approved IHCDA lender.
2. Gather documentation (proof of income, credit report, home purchase agreement, etc.).
3. Complete a required homebuyer education course if applicable.
4. Submit your application and await approval.
5. Close on your new home and enjoy the benefits of homeownership.
---
### IHCDA Mortgage Credit Certificate (MCC)
The **MCC Program** provides a tax credit worth up to $2,000 per year, which reduces the federal income taxes a borrower owes. This credit is equal to 20-35% of the annual mortgage interest paid.
**Program Highlights:**
- Tax savings up to $2,000 annually
- Can be layered with IHCDA mortgage programs
- Reduces housing costs without increasing loan size
**Who Should Use This Program?**
- First-time homebuyers looking for affordability
- Low- to moderate-income families
- Residents seeking long-term housing stability
**What You Need to Know**
- Program eligibility varies by income and location
- You may be required to complete a homebuyer course
- Assistance may be structured as a grant or loan
**Next Steps**
1. Review eligibility requirements and program benefits
2. Contact a participating lender or city agency
3. Gather financial documents and prepare to apply
4. Complete homebuyer counseling if needed
5. Finalize your loan and receive program benefits
---
### 🔍 Key Features
- Tailored to Indiana homebuyers
- Access to financial assistance
- Available through approved lenders statewide
---
### 👤 Who Is This Program For?
This program is ideal for:
- First-time or repeat homebuyers in Indiana
- Households with limited income or savings
- Buyers seeking predictable monthly mortgage payments
- Individuals needing help with upfront costs like down payments or closing fees
---
### 📌 What Sets It Apart?
- Competitive interest rates and loan terms
- Potential combination with federal or local incentives
- Emphasis on sustainable homeownership and financial stability
- Support from certified housing counselors
---
### 📝 How to Get Started
1. Visit the [official program website](#) or contact an approved IHCDA lender.
2. Gather documentation (proof of income, credit report, home purchase agreement, etc.).
3. Complete a required homebuyer education course if applicable.
4. Submit your application and await approval.
5. Close on your new home and enjoy the benefits of homeownership.
---
Eligibility Requirements
- Must be a **first-time homebuyer** or purchasing in a targeted area.
- Must use the property as a **primary residence**.
- Must meet **income and purchase price limits** set by federal guidelines.
- Must apply through an **MCC-approved lender**.
- Cannot be used with refinancing or non-primary residences.
- Must use the property as a **primary residence**.
- Must meet **income and purchase price limits** set by federal guidelines.
- Must apply through an **MCC-approved lender**.
- Cannot be used with refinancing or non-primary residences.
Program Benefits
- Federal tax credit up to $2,000/year
- Helps reduce the cost of owning a home
- Can be layered with other loan programs
- Increases purchasing power for borrowers
- Helps reduce the cost of owning a home
- Can be layered with other loan programs
- Increases purchasing power for borrowers
How to Apply
1. Apply through an MCC-approved lender
2. Complete application and tax certification
3. Combine with eligible IHCDA mortgage
4. Claim the credit annually with IRS Form 8396
2. Complete application and tax certification
3. Combine with eligible IHCDA mortgage
4. Claim the credit annually with IRS Form 8396
Program Overview
Category
State Program
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.