DC is relaunching the Mortgage Credit Certificate program which will allow qualifying homebuyers to claim a federal tax credit of 20% of the mortgage interest that they pay during a year.
“Bringing back the Mortgage Credit Certificate will provide residents with another resource to make homeownership attainable,” Christopher E. Donald, Executive Director of the District of Columbia Housing Finance Agency (DCHFA), said in a statement. “We are in a volatile market, with interest rates rising quickly and home prices show no indication of abating, regular Washingtonians cannot always afford to buy."
In order to qualify for the Mortgage Credit Certificate (MCC), the borrower must be a first-time homeowner. The maximum borrower income limit is $154,800 (or $180,600 for a family of three or more), and the maximum loan amount is $647,200. Even if a borrower qualifies for the MCC, the remaining 80% of mortgage interest may still be claimed as a tax deduction.
It is possible for homebuyers to pair MCCs with programs like DC Open Doors and the Home Purchase Assistance Program (HPAP). DCHFA hosts free homebuyer information sessions on the first and third Wednesdays of each month for those interested in learning more about the program.
See other articles related to: mortgage certificate program
This article originally published at https://dc.urbanturf.com/articles/blog/dc-relaunches-the-mortgage-credit-certificate-program/19760.
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