CHFA Mortgage Credit Certificate (CHFA MCC)
Give your customers what they want:
Your homebuyers can save thousands over the life of their loan with a CHFA MCC. A CHFA MCC lets them claim 20, 30, or
50 percent of the mortgage interest as a tax credit on their annual federal IRS tax returns. The remaining interest paid is
still eligible for the home mortgage interest deduction.
The Mortgage Credit Rate is based on the loan amount.
a CHFA MCC, CHFA’s tax credit program!
- 20% MCC $150,001 or greater – no cap
- 30% MCC $100,001 to 150,000 – $2,000/year cap
- 50% MCC $100,000 or less - $2,000/year cap
easy to use
- The CHFA MCC is flexible. You can now use it with mobile home purchases.
It also works with a variety of loan options. You can pair it with:
- CHFA will reissue the CHFA MCC (RMCC) should your customer decide to refinance. You can help your borrower to do the reissue if you wish.
- We have in-house experts that can help you with the MCC submission process. It’s only three extra documents!
- We have created some tools for you to use when explaining the benefits of the program to your borrowers. These are located to the right.
- First time homebuyers
- Eligible veterans
- Non-first time homebuyers purchasing in
- CHFA–approved homebuyer education required
- Mid credit score of 620
- Must live in the home as a primary residence
- Income and purchase price limits
(Targeted areas have different income and purchase price limits and no first time homebuyer requirements. These areas are determined by
- $200 lender fee (optional)
- $250 CHFA administrative fee (qualified closing cost) that can be paid at closing
- The borrower could be subject to the
Federal Recapture Tax when they sell their home.
- Please view the
CHFA Seller’s Guide for program specifics.
In order to originate and reserve a loan under the CHFA Statewide MCC program, all participating lenders are required to participate in an MCC webinar. Once you are trained on MCCs, you will be included on our
CHFA MCC Participating Lenders list.
CHFA MCC explained
Lender/Realtor MCC Resources
Are you a lender who wants to provide MCC options for your borrowers?
If you're not looking to become a CHFA Participating Lender, but want to provide MCC options, start by filling out the CHFA MCC 18 to get started on this excellent opportunity for you and your borrowers.