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CHFA’s MCC Funds Have Been Exhausted

CHFA’s MCC Funds Have Been Exhausted

CHFA recently announced that their Mortgage Credit Certificate (MCC) funds have been exhausted.  This is good and bad news, the good being that more buyers are taking advantage of the opportunity of the MCC, bad news is that unless you are buying in Denver this advantage is no longer available to you this year.

Good news is as I just stated, the MCC is still available for the City and County of Denver. If you’re buying in Denver make sure to research the MCC and ask you lender if you can receive. The tax credit allows you to claim 30% of your mortgage interest as a tax credit, not deduction.  This is a dollar for dollar credit against your tax liabilities (max $2000/yr)! Why wouldn’t you want to owe the IRS less? Plus you still get to deduct your remaining mortgage interest (70%) on your tax returns. Bonus!

Remember the MCC is only available at time of purchase, you are not able to add on the mortgage credit certificate after you close on your home! Please note that this does not include a reissue of an MCC. If you already have an MCC and you are refinancing your are still able to get your MCC reissued through CHFA.

Put more money in your pocket, make sure to talk with your lender and if they are not approved or don’t know about the MCC, give us a call we are always happy to help!

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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