In keeping with its mission to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable, energy-efficient housing, the LHC offers the Mortgage Credit Certificate (MCC) Program.
This $5 million statewide program is designed to assist first-time homebuyers, veterans and low to moderate income buyers purchasing a home in designated areas. Homebuyers who use the MCC program can take a federal tax credit of up to 40% of their annual mortgage interest payments for the life of their loan. This credit is capped at $2,000 per year.
Read on to find out if this program is right for you.
Not all prospective homebuyers are eligible for this program. To determine if the Mortgage Credit Certificate Program is right for you, follow these simple steps:
STEP #1 – Determine your income: Maximum annual income limits are listed here.
STEP #2 – Choose a Lender:
STEP #3 – Select a Realtor: Begin your home search and once you have signed a purchase agreement, return to the lender to complete the loan process (approved lenders coming soon).
STEP #4 – Reserve Funds: The lender will reserve the Mortgage Credit Certificate for you with the Louisiana Housing Corporation and complete all of the remaining processes from loan application to loan closing.
Find out more about the MCC program with our FAQ document. Learn More
See Exhibit T for purchase price limits for this program. Learn More
Use this helpful mortgage calculator to determine your monthly payment amount and help budget for your new home. Learn More
Find approved lenders in your area here. Learn More
See Exhibit U for income limits for this program. View Document
The LHC offers several programs that can assist eligible homebuyers reduce their down payments. See programs offering down payment assistance. Learn More