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09 AprMortgage Credit Certificate Extended
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 mortgage lenders with a focus on education. We believe an educated customer is our best customer. The mortgage industry has complicated the process of obtaining a mortgage so much that most customers believe the best way to select a mortgage lender is to inquire about rates and fees. Although rates and fees are an important part of the mortgage process, there are much more important areas to be concerned with. Lending A Hand was created to pass along our experience, knowledge and research to YOU to allow you to become a more educated mortgage customer. If you are planning a home purchase or refinance and live in the state of Colorado, we hope you select the Wynn Team as your mortgage lender!
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