Homebuyer Tax Credit Program to Continue

Due to the increasing popularity of our first-time homebuyer tax credit through the Mortgage Credit Certificate (MCC) Program, Minnesota Housing will continue to offer the program. Initially the tax credit was only available for loans that close by the end of 2014.
“The MCC provides a huge benefit for borrowers that a lot of lenders aren’t taking advantage of. Borrowers really appreciate you taking the time to explain it, so they become much more likely to send you referrals.” - Jackie George, Mortgages Unlimited
How the Tax Credit Works
The first-time homebuyer tax credit helps your client get 35% of their mortgage interest back every year as a federal income tax credit - up to $2,000 per year. This can add up to as much as $50,000 in tax savings over the life of the loan.
Your client gets a package deal:
  • Tax credit
  • Affordable Minnesota Housing mortgage
  • Optional downpayment/closing cost loan
To be eligible, first-time homebuyers must meet program income limits and all other requirements
Want to learn more?
Check out our overview video, consumer flyer, program description and the other resources on our website, and attend an upcoming training:  Not a Participating Lender?
Lender partners can simply submit two executed copies of the Participation Agreement to Minnesota Housing and attend a training.
Questions? Contact Minnesota Housing at 800.710.8871 or mnhousing.solution@state.mn.us.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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