IHCDA Mortgage Credit Certificate

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.

• 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.

• 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

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