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CHFA Mortgage Credit Certificate (CHFA MCC)

Give your customers what they want:
a CHFA MCC, CHFA’s tax credit program!

Your homebuyers can save thousands over the life of their loan with a CHFA MCC. A CHFA MCC lets them claim 20 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.

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!
    • borrower qualifications

      • First time homebuyers
      • Eligible veterans
      • Non-first time homebuyers purchasing in targeted areas
      • 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 census tract.)

      additional details

      • $200 lender fee (optional)
      • $250 CHFA administrative fee (qualified closing cost) that can be paid at closing if the MCC is attached to a CHFA First Mortgage Loan
      • $1,000 administrative fee if the MCC is not attached to a CHFA First Mortgage Loan; must be paid with certified funds at the time of compliance review
      • 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.

      training

      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.



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