Many of you have heard us tout the awesomeness of the CHFA Mortgage Credit Certificate (MCC). This program gives first time home buyers a dollar for dollar credit on their federal income tax return of 20% of all the mortgage interest they pay each year that they live in the home.
This program was offered on closing that occurred by June 25, 2010. We recently learned, however, that CHFA has added another 20 million dollars to the pot of money that supports this program so it has been extended for closings that occur by February 3, 2011.
This is great news for first time home buyers.
Many of you have heard us tout the awesomeness of the Colorado Housing and Finance Authority (CHFA) Mortgage Credit Certificate (MCC). The CHFA MCC program allows qualified homebuyers to claim a dollar-for-dollar reduction of income tax liability equal to 20% of their paid mortgage interest on their first mortgage….for as long as they own (and live in) their home! In addition, the remaining 80% of the paid mortgage interest continues to qualify as an itemized tax deduction.
This program was offered on closing that occurred by June 25, 2010. We recently learned, however, that CHFA has added another 20 million dollars to the pot of money that supports this program so it has been extended for closings that occur by February 3, 2011.
This is great news for first time home buyers. Don’t forget, you are not required to have a CHFA mortgage to qualify for the MCC!
About the Author |
Scott & Marla Wynn
Scott & Marla Wynn are passionate about passing along their knowledge of the mortgage business which is why they created LendingAHand.com. As licensed mortgage professionals in Colorado, Scott & Marla also enjoy sharing opportunities for fellow Coloradans to have fun while saving money in Denver.
