Mortgage Credit Certificate Program

The City and County of Denver 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:

Academy Mortgage Corporation
Affordable Interest Mortgage
Air Academy Federal Credit Union, 719-592-1045
All Western Mortgage
American Liberty Mortgage, 303-458-3778
AmeriPro Funding, Inc.
Bank of America, 720-529-6332, 970-569-3561, 970-818-3031
Broker Solutions, Inc. dba New American Funding
Citywide Home Loans, 303-996-7000, 866-437-0200
Cornerstone Mortgage, 303-317-5461
Envoy Mortgage, 713-993-4434
Fairway Independent Mortgage Corporation, 866-912-4800
First California Mortgage Company, 720-389-0033, 720-389-0022, 303-521-7169
Guild Mortgage
HomeBridge Financial Services, Inc. 720-644-3117
Loan Simple, Inc.
Megastar Financial Corp.
Paramount Home Loans
Peoples National Bank, 303-228-7792
Pinnacle Mortgage Group, 303-716-9000, 877-716-9006
PrimeLending
Sierra Pacific Mortgage dba Colorado Mortgage
Summit Funding Inc., 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
W.J. Bradley Mortgage Capital,Inc. 801-590-3160, 730-253-0053, 303-325-4300, 720-279-2784, 719-213-7479

To become a lender, email Stacy Houston at stacy.houston@raymondjames.com.

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