The City and County of Denver 2012 Mortgage Credit Certificate (MCC) program allows qualifying borrowers to receive an annual federal income tax credit equal to 30% of the annual interest they pay on their mortgage loan. The tax credit enables a taxpayer to subtract the amount of credit from his or her annual total federal income taxes. Borrowers may choose to adjust their W-4 withholding to account for the tax-credit benefit and receive a higher net monthly income. Any excess credit from the MCC may be carried forward for up to three subsequent tax years.
PROGRAM PERIOD:
April 2012 through December 31, 2014
ELIGIBLE MORTGAGORS:
First-time Homebuyers:
Cannot have owned a home in the past three years (except in "Targeted Areas" and for Qualified Veterans).
MAXIMUM FAMILY INCOME:
|
Non-targeted
|
Targeted
|
|
Families of 2 or fewer
|
$79,300
|
$95,160
|
|
Families of 3 or more
|
$91,195
|
$111,020
|
MAXIMUM HOME COST:
| |
Non-Targeted |
Targeted |
| 1-Family Residence |
$370,252 |
$452,531 |
ELIGIBLE LOANS:
Terms and interest rate of the mortgage loan are set by the lender, though must be fixed-rate and not exceed 40 years.
TARGETED AREAS:
Targeted Areas are certain census tracts designated by HUD as underserved in the mortgage loan origination. To view the specific targeted areas for the MCC program, please click here to see a map. To look up a specific address, please enter the property information on the FFIEC Geocode website and compare the census tract code provided to the list below.
Census Tract Codes for the MCC program: 000600, 000702, 000800, 001101, 001600, 001900, 002403, 002701, 003602, 004101, 004404, 004502, 005103, and 008313.
HOMEBUYER EDUCATION:
Homebuyer Education is required for all borrowers and a certificate must be obtained through a HUD-approved agency. Please click here to find information on an approved agency.
PARTICIPATING LENDERS:
The following lending institutions are approved participants in the MCC program:
Affordable Interest Mortgage
Air Academy Federal Credit Union – (719) 592-1045
American Liberty Mortgage – (303) 458-3778
Bank of America – (720) 529-6332; (970) 569-3561; (970) 818-3031
Citywide Home Loans – (303) 996-7000; (866) 437-0200
Cornerstone Mortgage – (303) 317-5461
Guild Mortgage
Loan Simple, Inc.
Megastar Financial Corp.
Pinnacle Mortgage Group – (303) 716-9000; (877) 716-9006
Summit Mortgage Company – (303) 779-0591; (303) 991-2749; (720) 200-9480
Sun West Mortgage
The Mortgage Network – (303) 394-2121
Universal Lending Corporation – (720) 524-2679
Uptown Mortgage – (303) 839-5262
Wells Fargo Home Mortgage – (303) 980-7686; (720) 344-7200
WR Starkey Mortgage – (303) 279-3132; (720) 489-0712; (303) 671-8733
To become a lender email Stacy Houston at stacy.houston@raymondjames.com.