Mortgage Credit Certificate
Good News For Homebuyers
HawaiiUSA FCU is a participating lender in the State of Hawaii's Mortgage Credit Certificate (MCC) program. Members with low to moderate income qualify to take advantage of federal mortgage tax credits that help reduce the cost of buying a home.
The MCC reduces the amount of federal income tax you pay, thus giving you more available income to qualify for a mortgage loan and assist you with house payments.
The federal government allows each homeowner to claim an itemized federal income tax deduction for the amount of interest paid each year on a mortgage loan.
For a homeowner with a MCC, this benefit is even better: 20% of your annual mortgage interest will be a direct federal tax credit, resulting in a dollar-for-dollar reduction of your annual federal income tax liability. The remaining 80% of your annual mortgage interest will continue to qualify as an itemized tax deduction.
To qualify for the mortgage tax, buyers must reside in the home being purchased and cannot have owned a home in the previous three years. There are income and sales price limitations. If you are interested in learning more about the MCC program please contact one of our Mortgage Consultants.
For more information download a PDF version of the MCC Brochure.