Little Known Program Earns New Relevance

Are you looking to buy but worried about rising interest rates and costs associated with homeownership? An MCC might be able to help.


The Mortgage Credit Certificate Program was authorized by Congress in the 1984 Tax Reform Act as a means of providing housing assistance to families of low and moderate-income. The Hawaii Housing Finance and Development Corporation (HHFDC) is an Issuer of Mortgage Credit Certificates.




A Mortgage Credit Certificate (MCC) reduces the amount of federal income tax you pay, thus giving you more available income to qualify for a mortgage loan and assist you with house payments. The MCC is available to homebuyers who meet household

income and home purchase price limits established for the MCC Program, as well as other federal eligibility regulations. For a homeowner with an MCC, 20% of your annual interest can be used as a federal tax credit on top of the itemized tax deduction you already claim on your taxes.


Starting in 2023, the HHFDC will fund approximately $17.75 million in the Mortgage Credit Certificate (MCC) program. Applications for the MCC program will be accepted starting on January 3, 2023. Applications will be processed on a “first come, first served” basis until funds run out.



Current 2022 Program Participating Lenders are as follows:

Academy Mortgage Corporation

American Pacific Mortgage

American Savings Bank

Bank of Hawaii

Caliber Home Loans, Inc.

Castle & Cooke Mortgage, LLC

Central Pacific Bank

CMG Mortgage, Inc.

Compass Home Loans, LLC

DHI Mortgage Company Ltd.

Fairway Independent Mortgage Corporation

First Hawaiian Bank

Guaranteed Rate, Inc.

Guild Mortgage Company LLC

Hawaii State Federal Credit Union

Hawaii USA Federal Credit Union

HomeBridge Financial Services, Inc.

House of Finance, Inc.

LoanDepot.com, LLC

Mann Mortgage, LLC

Mid America Mortgage, Inc.

MLD Mortgage Inc.

Movement Mortgage, LLC

Mutual of Omaha Mortgage, Inc.

Paramount Residential Mortgage Group, Inc.

Plaza Home Mortgage, Inc.

Primary Residential Mortgage, Inc.

PrimeLending, a PlainsCapital Company

RoundPoint Mortgage Servicing Corporation

Security National Mortgage Company Inc.

Siwell, Inc.

Territorial Savings Bank


Be aware this program is for low to mid-income borrowers, but the savings are substantial and it is worth looking into if you are thinking of buying a home in Hawaii. More details can be found on the HFDC website.

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