Iowa Mortgage Credit Certificate (MCC)
Iowa Finance Authority (Opportunity Iowa)
Program Overview
The Mortgage Credit Certificate (MCC) program converts a portion of your mortgage interest into a dollar-for-dollar federal tax credit. Unlike a tax deduction, a tax credit directly reduces taxes owed, potentially saving thousands annually. Increased take-home pay can help qualify for larger mortgage or provide financial flexibility. MCC available for life of loan as long as you live in the home.
Eligibility Requirements
• Must qualify for IFA mortgage program\n• Subject to income and purchase price limits\n• Federal tax liability required to benefit
Additional Requirements
• Apply through IFA participating lender\n• Must have IFA mortgage loan\n• File federal tax return to claim credit
How to Apply
1. Discuss MCC option with IFA lender during application\n2. Apply for MCC along with mortgage application\n3. Receive MCC certificate at closing\n4. Claim tax credit on federal tax return each year\n5. Use IRS Form 8396 to calculate and claim credit