Purchasing and living in your own home is a feat for all. For first-time homeowners, this journey can be overwhelming and may require a bit of a learning curve. As a response to this fact, lenders, financial institutions, and government agencies have created programs and solutions that can help first-time home buyers.
The Mortgage Credit Certificate or MCC Program is one of the efforts designed to help first-time homeowners save money. It provides cash back every year that the new owners live in their home.
With a professional team that cares about the citizens of Fort Lauderdale, Florida State Mortgage Group is committed to making home ownership easy for first-timers. We offer a variety of loan solutions that can help buyers save money and get the most value for their loan.
We can expedite the process and find the right MCC Programs that meet your requirements.
An MCC program is specially designed for new home buyers and US Veterans who are looking to purchase their first home. It allows the borrower to claim up to 50% of the annual mortgage interest paid each year.
This is beneficial for new home buyers as they can use the extra cash as added monthly income. They can also use it to get qualified for a house they might be denied for otherwise.
The Florida Mortgage Credit Certificate caps the credit at $2,000 per year. Any leftover mortgage interest that is not included in the tax credit is eligible for a home mortgage interest deduction on federal tax returns.
Homeowners can claim a dollar-for-dollar reduction in income tax liability. They may make a claim for up to 50% of the mortgage interest. The value depends on the total loan amount but eventually helps reduce the amount of federal tax the borrower owes.
It’s important to clarify that the Florida MCC is not a mortgage itself. However, it is used in conjunction with a first mortgage that a borrower received from a credible lender. It cannot be issued with mortgage revenue bond loans.
The Florida MCC program is open to the following individuals and US veterans:
First-time home buyers that have not owned a primary residence within the last 3 years
Candidates that meet all qualifying requirements to receive a mortgage loan
Candidates with proven creditworthiness
Candidates that meet the MCC program’s income and purchase price limits
Buyers that apply for a Florida MCC program through a participating mortgage lender in Fort Lauderdale
Buyers who intend on occupying the house as their primary residence
Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.
We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.
Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.