CHFA Mortgage Credit Certificates Are Back!
Hooray! Starting Monday March 2nd, CHFA Mortgage Credit Certificates Will Be Available Once Again!
"CHFA is pleased to announce that it will begin accepting reservations for the 2015 CHFA MCC program on Monday, March 2, 2015. As a reminder:
All MCCs will be issued with a 20 percent credit rate.
The CHFA administrative fee for stand-alone MCCs is $1000.
The CHFA administrative fee for MCCs issued in conjunction with a CHFA mortgage loan is $250.
The CHFA administrative fees for stand-alone MCCs must be paid with certified funds at the time of program compliance review, not after loan closing.
Also, please note that as of this year a borrower must be a First Time Homebuyer or an Eligible Veteran in order to qualify for an MCC. CHFA no longer provides an exemption for this requirement for borrowers purchasing homes in targeted areas.
For complete program information, please review the program matrix.
Demand for this program typically outweighs supply, and CHFA anticipates the expiration of program funding prior to the end of the program year."
To learn more about the Mortgage Credit Certificate and whether or not you qualify to use it, please contact Popish Mortgage Group today!