Below are the basic requirements of an MCC program:

• Purchase a home within the Eligible Loan Area.
• Be an Eligible Borrower. For a Local Housing Finance Corporation, there are no professions restrictions so just meet the requirements stated here. For the Texas State Affordable Housing Corporation borrower eligibility, click here  to see Fact Sheet.
• 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 in the Go Zone/Disaster Areas, or are a Qualified Veteran.
• Annual household income does not exceed the maximum allowed income limits.
  For maximum income limits for Local Housing Finance Corporations, click here .
  For maximum income limits for the Texas State Affordable Housing Corporation, click here .
• The home’s sale price does not exceed the maximum allowed purchase price limits. For maximum purchase price limits for Local Housing Finance Corporations,  click here.  For maximum purchase price lsimits for the Texas State Affordable Housing Corporation, 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.

An MCC may make the difference between dreaming about your first home, and actually owning it. A participating lender sets the terms of the mortgage which includes the interest rate, down payment, underwriting criteria, discount points, closing costs, etc. MCCs are offered subject to availability of funds.