Washington Loan Options
Washington Mortgage Credit Certificate Grant Program for First Time Buyers
Save More Every Month with a Federal Tax Credit for First-Time Homebuyers in Washington
At Pacific Home Loans, we’re committed to helping first-time homebuyers in Washington State make homeownership more affordable. That’s why we’re proud to offer access to the Mortgage Credit Certificate (MCC) Program – a powerful, government-backed initiative that allows eligible buyers to reduce their federal income tax liability, putting more money back in your pocket every month.
Program Highlights of the Mortgage Credit Certificate (MCC) Grant
What is the MCC Program?
- Tax Credit Value: Typically, up to 20% of your annual mortgage interest may be claimed as a federal tax credit.
- Annual Savings: Depending on your loan size and interest rate, this could mean hundreds or even thousands of dollars saved each year.
- Remainder Deduction: The remaining mortgage interest may still be eligible as a standard tax deduction.
- Lifelong Benefit: You can use the MCC for the life of the loan, as long as the home remains your primary residence
Who is Eligible?
- Be a first-time homebuyer (no ownership interest in a home in the past 3 years), unless buying in a targeted area
- Use the home as your primary residence
- Meet income and purchase price limits set by WSHFC
- Obtain an eligible 30-year fixed mortgage through an approved lender like Pacific Home Loans
Why Use Pacific Home Loans for Your MCC?
As a trusted mortgage banker and broker licensed in Washington State, Pacific Home Loans helps you combine the MCC program with a variety of home loan options, including FHA, VA, USDA, and conventional loans. Our experienced loan officers will guide you through the MCC application and certification process, ensuring you maximize your tax benefits with no added stress.
Maximize Your Buying Power in Washington
Whether you’re buying your first home in Seattle, Spokane, Tacoma, Vancouver, or a smaller Washington community, the MCC Grant Program can significantly lower your long-term cost of homeownership. This is especially helpful in competitive housing markets, where every dollar counts.
Get Started Today
Don’t miss the opportunity to save money and secure your dream home.
Contact Pacific Home Loans to learn more about the Washington Mortgage Credit Certificate Program and find out if you qualify.
*The income limits may be increased or decreased by the HHFDC pursuant to U.S. Internal Revenue Service guidelines. The annual gross income limits are available upon request. The income limits are for Non-Targeted Areas. Please contact the HHFDC for income limits in Targeted Areas.
**The purchase price limits apply only to fee simple fully completed units. Leasehold residences and uncompleted units are subject to certain adjustment in determining their “acquisition cost” as defined by the U.S. Internal Revenue Service guidelines.
Note: if you choose to refinance an existing MCC-assisted mortgage, your original MCC becomes null and void. You must obtain a reissuance of the original MCC in order to continue to qualify for the tax credit.
Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.
