Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC)

Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) is a mortgage credit certificate for homebuyers in Statewide, Idaho, administered by Idaho Housing and Finance Association (IHFA). IHFA's Mortgage Credit Certificate lets eligible Idaho homebuyers claim a federal income tax credit equal to 35% of the mortgage interest paid each year, capped at $2,000 annually, for as long as they live in the home and pay interest on the mortgage. It is a non-refundable credit, with unused amounts carried forward up to three years. The MCC cannot be used with IHFA's First Loan product but can pair with IHFA down payment assistance and standard loan types. Up to $2,000/year federal tax credit. 35% of annual mortgage interest. Stackable with most DPA. Lasts the life of the loan. Carry-forward of unused credit up to 3 years. Funding comes from Federal (mortgage revenue bond authority converted to MCC authority under IRS rules).

Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) offers up to $2,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Idaho Housing and Finance Association (IHFA) determines any individual award.

Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) is a tax credit rather than a loan, so there is nothing to repay. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time buyer requirement (no primary-residence ownership in prior 3 years) is waived when purchasing in an IHFA-designated targeted county/area. Non-refundable credit; requires tax liability. $300 issuance fee. Cannot combine with IHFA First Loan. Exact income and purchase price limits by county not published on page (lender confirms).

Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) sets its income limit as follows: IHFA First Loan program household income limits apply; vary by county and household size (updated annually). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) caps the purchase price as follows: IHFA First Loan program sales price limits apply; vary by county.

Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) serves homebuyers purchasing in Statewide, Idaho. The program targets specific areas: IHFA-designated targeted counties/areas waive the first-time-buyer requirement and may relax income/price limits.

Applications for Idaho Housing Homebuyer Tax Credit (Mortgage Credit Certificate / MCC) go through Idaho Housing and Finance Association (IHFA), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.