Fort Bend County Housing Finance Corporation has issued a Mortgage Credit Certificate Program (MCC Program) serving qualified homebuyers purchasing homes in Fort Bend County, Texas. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket. The tax credit is available each year that the borrower continues to live in the home financed under the Program. The tax credit provided by the MCC simply helps you increase your disposable income to qualify for a loan and meet mortgage obligations. 

As a result of Hurricane Rita, the federal government has designated Fort Fend County a part of the Rita GO Zone and therefore the first-time homebuyer requirement is waived for the Fort Bend County Mortgage Credit Certificate program. Borrowers only need to qualify by meeting the income limitations based on family size and home purchase price.

Eligible homebuyers can receive a TAX CREDIT based on 35% of the annual interest they pay on their home. Subject to an annual cap of $2,000. By way of example, a homebuyer would pay $6,563 of interest after their first 12 months of homeownership based on an $110,000 loan amount with a 30 year term at a 6.00% mortgage rate. By applying for and receiving a 35% Tax Credit at the time of home purchase, they would receive a Tax Credit of $2,000!! This is money that a qualified homebuyer would not otherwise have received if not for the direct credit from the IRS using the MCC Program.

The MCC program entitles the purchaser to a federal income tax credit based on a percentage of the annual mortgage interest paid. The credit is a direct reduction of income taxes due. Under this Program, homebuyers would receive an MCC entitling them to reduce their income taxes by 35% of the amount of mortgage interest paid on their home loan (up to $2,000 per year).  With the Fort Bend County Mortgage Credit Certificate, you'll get a direct dollar-for-dollar reduction in your federal taxes worth 35 percent of the interest you pay on your mortgage each year. You can still claim the remaining 65 percent of the interest as a tax deduction. Generally speaking, each year that the homebuyer continues to live in the house, they will receive up to an additional $2,000 added to their refund when they file their federal tax return.

Eligible Loan Area: Fort Bend County, Texas.

Mortgage Product Types: Program may be used with any mortgage loan type offered by a lender, except tax-exempt bond loans or veterans land board loans.

Mortgage Term: All Loan Terms

Cost:      Application fee of $100.00

Issuance fee of 1.00% of loan amount

Closing package review fee of $250.00

While funds last, the Fort Bend County $2,000 Down Payment Assistant Grant Program is available in conjunction with the Fort Bend MCC Program. The program gives homebuyers $2,000 at closing to help offset closing costs. Click here for more information.

Borrower Restriction: Fort Bend County is part of the Rita GO Zone, therefore, the first time homebuyer requirement is waived.

Purchase Price Limits:   $316,177

Families of 2 or Less $78,120

Families of 3 or More $91,140

**Other qualifying guidelines, changes, and requirements may be in effect please contact us for further details