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In order to qualify for the MCC program you must meet the following requirements:

  • Purchase a home within the Eligible Loan Area.
  • Be a first-time homebuyer or have not owned a home, as a principal residence, during the last three years.
  • Even if you are not a first-time buyer, you may be able to use the MCC program if you are buying in an area designated as economically distressed or are a Qualified Veteran.
  • Annual household income and sales price do not exceed the maximum allowed income and purchase limits.
    • For Texas Local Housing Finance Corporations, click here.
    • For Tulsa County Home Finance Authority, click here.
  • Reasonable credit risk.
  • Obtaining a first mortgage on the residence. (No refinancing is allowed)
  • Buying the home as your principal residence.
  • Do not intend to use the residence in a trade or business.
  • Most types of homes qualify. New and existing single family homes, duplexes, town homes, condominiums and manufactured homes with certain restrictions are eligible properties.
  • All mortgage loan types are eligible. The MCC program does not place restrictions on the mortgage financing with regard to type, term or rate. Except for loans tied to a tax-exempt bond program.
  • Must have a tax liability in any given year during the term of your mortgage loan to benefit from the annual credit. Individual tax liability varies and could change year to year.