First Time Home Buyer Tax Credit Florida Program, Worth it!?

[Jorge Alzate]

Hello BP members!

thank you in advance for any feedback!

I'm financing a property through an FHA loan as a first time home buyer. I was informed about a Florida Mortgage Credit Program I  would qualify for as long as I live in the property. I plan to live in the property for a couple of years and then move out and keep in the RE Investing path. Please share your experience or the pros and cons for a person who sees the property as a real estate investment in the long term.

see below the program description.

The Program: Entitles the recipients to take an annual federal income tax credit. A tax credit represents a reduction of actual federal income taxes due. The holder of the MCC may use the credit each year the loan is outstanding as long as they continue to live in the home. ($2000 Tax credit a year)

Many thanks!