chfa mcc faqs

​Thank you for your interest in CHFA’s MCC program. Unfortunately, all available 2015 MCC funds have been deployed. Please check back for a new funding announcement in 2016. ​

what is a mortgage credit certificate? 

A CHFA Statewide Mortgage Credit Certificate (CHFA MCCsm) allows the homebuyer to claim a tax credit for a percentage of the mortgage interest paid per year.

who is eligible to receive a chfa mcc?

Applicants must meet the following minimum criteria:

  • ​First time homebuyers* or e​ligible veterans**
  • 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. These areas are determined by census tract.)
*  A first time homebuyer is defined by CHFA as one who has not had an ownership interest in a primary residence for the three years prior to the mortgage loan closing.

** Eligible veteran: A person who served in the active military, naval, or air service of the United States, and who was discharged or released therefrom under conditions other than dishonorable, as defined in 38 USC Section 101.

​How long is my mcc valid?

The MC​C is valid for 30 years as long as the home remains your principal residence and you are paying mortgage interest on the loan. It will expire only when you sell your house, no longer use the house as your primary residence, or are no longer paying mortgage interest on the loan.

how much of a tax credit can be claimed under the mcc program?

The size of the annual tax credit will be 20 percent of the annual interest paid on the mortgage loan. The credit cannot be larger than the annual federal income tax liability, after all other credits and deductions have been taken into account. MCC credits in excess of the current year tax liability may, however, be carried forward for use in the subsequent three years.

​​Do you have an MCC and are you refinancing?

Continue the savings by reissuing your MCC! ​​