Hawaii’s Mortgage Credit Certificate Program

What Does It Do?

If you apply for a “MMC” when you get a new loan for your principal residence only…you are eligible for 20% of your annual mortgage interest as a direct federal tax credit, resulting in a dollar for dollar reduction of your annual federal income tax liability. The remaining 80% of your annual mortgage interest will continue to qualify as an itemized tax deduction.


  • The home you buy must be your principal residence.
  • You can not have an ownership interest in a principal residence at any time in the last three years.
  • The mortgage loan must be a new loan (not a refinance).
  • The federal government considers the MCC tax credit to be a subsidy. As such, you may be subject to federal “recapture tax” if you sell your home within nine years of purchase or you sell your home at a gain and your income increases above a specific level.
  • The income limit for a Big Island family of 2 or less is $82,440 (family of three or more $96,180).
  • The purchase price limit for a Big Island home is $563,932.

More Information

For more information contact the State of Hawaii Housing Finance and Development corp. MCC information line at 808.587.0586.

Mortgage Fund Hawaii and Senior Loan Consultant Cindy Stone (cindy@mortgage participates with home buyers looking to incorporate the MCC into their new loan.

Other participating lenders are available, so please call the MCC information line for the entire list of eligible lenders.

Save money…ask for this certificate.

Diane Chavez, RS, ABR, GRI

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