they’re back! chfa mortgage credit certificates available monday, march 6, 2017 CHFA is pleased to announce that it will begin accepting reservations for the 2017 CHFA MCCsm program on Monday, March 6, 2017. As a reminder:
Also, please note that a borrower must be a first time homebuyer or qualified veteran in order to qualify for an MCC.
CHFA no longer provides an exemption to this requirement for borrowers purchasing homes in targeted areas.
- All MCCs will be issued with a 20 percent credit rate;
- Lenders must use
household income to determine eligibility for the CHFA MCC program, not qualifying income as has become customary for most CHFA loan programs;
- The CHFA administrative fee for MCCs issued in conjunction with a CHFA mortgage loan is $250;
- The CHFA administrative fee for stand-alone MCCs is $1000 and must be paid with certified funds at the time of program compliance review, not after loan closing; and
- The CHFA MCC program cannot be paired with a CHFA Homeopenersm, CHFA HomeAccesssm, or CHFA SectionEightsm Homeownership loan.
CHFA will offer multiple trainings on the MCC program; please visit CHFA’s
Mortgage and Real Estate Professional Training page to register for a class or webinar.
Demand for this program typically outweighs supply, and CHFA anticipates that program funding will be exhausted prior to the end of the program year. Please check our
website regularly for updates regarding program availability.