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The Mortgage Credit Certificate (MCC) program offers qualified Hoosiers a Federal Tax Credit. The tax credit amount ranges between 20% and 35% of the interest paid on a mortgage each year, depending on the mortgage loan amount. The tax credit can be claimed each year, through the life of the mortgage, as long as the home remains the borrowers principal place of residence. The maximum credit per year is $2,000.
The MCC program is for first-time homebuyers only, unless purchasing in a targeted county. For a list of targeted census tracts, please click here.
Next Home offers prospective homeowners who do not qualify as first-time homebuyer’s as well as first-time homebuyer's, down payment assistance of 3% or 4%. Under Next Home, there are no purchase price limits which allows more Hoosiers to qualify for this great program. For current interest rates, please contact a Participating Lender.
Details of Next Home include:
IHCDA is pleased to announce our newest program! If you are attracted to the tax benefit of the MCC program and the down payment assistance of the Next Home program, then this combo program might be the best option for you! Unlike the Next Home program, you must be a first-time homebuyer to use this combo but otherwise you pair all of the MCC benefits with those of the Next Home program. For current interest rates, please contact a Participating Lender.
Details of Next Home with MCC combo include:
Each program offered by IHCDA is required to be attached to a first mortgage product. IHCDA does not credit underwrite and it will be the determination of the participating lender on your ability of afford a home through your income, job stability and credit. For additional information, the Homeownership Department's programs brochure can be downloaded here or visit the frequently asked questions section.
Ready to get started? Please review our Participating Lenders & Program Income Limits section to learn what income limits apply to your area and to find a lender in your county that can help you with your financing needs, simply inform them upon your initial contact which IHCDA program you are interested in.
Contact IHCDA if you have more questions.