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The Mortgage Credit Certificate Program 

50 State Mortgage Credit Certificate Rates

8/2/2020

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Mortgage Credit Certificate Program

Mortgage Interest Credit Rates by State

Annual Mortgage Interest X Rate = Tax Credit Savings

IRS code section 25 allows a mortgage interest credit of 10% to 50% of your primary residence mortgage interest based on a mortgage credit certificate issued by your state housing authority typically.  A 20% or less credit has no cap on the credit amount.  A 21% to 50% credit certificate is limited to $2,000 per year.  A carryover exists if your annual IRS taxes are less than the credit.

Each state can provide mortgage credit certificates or issue revenue bonds to offer subsidies in the form of interest or downpayment assistance to buyers. The mortgage credit certificate amount is 4 times more than the revenue bond amount as an incentive for the state to issue mortgage credit certificates (MCC)

Northeast States

Maine  - no MCC

Vermont - 10% to 50% MCC

New Hampshire - 10% to 50% MCC

Connecticut - no MCC

Rhode Island - 20% MCC

New York - no MCC

New Jersey - no MCC

Massachusetts - no MCC

Pennsylvania - 10% to 50% MCC

Middle Eastern States 

Virginia - 10% MCC

Washington DC - 20% MCC

West Virginia - no MCC

Maryland - no MCC closed 6-19-2020

Delaware - 35% MCC 

Southern States

Florida - 30% MCC expires 12-31-2020

Georgia - no MCC

South Carolina - 50% MCC

North Carolina - 30% MCC

Kentucky - 25% MCC

Tennessee - 50% MCC

Alabama - 20% to 50% MCC

Mississippi - 40% MCC

Middle East States

Ohio - 20% MCC & 40% MCC

Illinois - no MCC (suspended 6-17-2020)

Indiana - 25% MCC 

Missouri - 25% to 45% MCC

Michigan - 20% MCC

Wisconsin - 25% MCC 

Iowa - 50% MCC

Minnesota - No MCC 

Middle South States

Texas - 20% & 30% MCC

Oklahoma - 50% MCC

Arkansas - 50% MCC

Louisiana  - 40% MCC

Kansas - 25% MCC

Nebraska - no MCC

Colorado - 20% to 25% MCC (Denver)

Southwest States

New Mexico - no MCC

Arizona - 40% MCC 

California - 20% MCC

Nevada - 20% MCC & 40% MCC 

Utah - no MCC

Middle North States

Montana - 20% MCC

Wyoming - 10% to 50% MCC

North Dakota - no MCC

South Dakota 30% to 50% MCC

Northwest States

Washington - no MCC 

Oregon  - 20% MCC (Portland)

Idaho - 35% MCC

Hawaii - 20% MCC

Alaska  - no MCC
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