AHFA has revised the sales prices limits for borrowers using a Mortgage Credit Certificate. The maximum home purchase price for a loan with a MCC is
$271,165 (borrowers in a target area can buy a home costing as much as
$331,423). The revised limits are effective for all MCCs originated on or after May 1.
Mortgage Credit Certificate
reduces the amount of federal income tax homebuyers must pay, which in turn frees up income to qualify for a mortgage. Borrowers can claim a federal tax credit worth 20 to 50 percent of mortgage interest paid each year, capped at $2,000 annually. MCCs can be combined with AHFA's
financing to maximize affordability.
AHFA's sales price limits for the MCC program are based on FHA's program loan limits.