04 JunMortgage Credit Certificate Out of Funds??

We have shared the awesome advantages of Colorado Housing and Finance Authority’s Mortgage Credit Certificate (MCC) program – maybe too much!

CHFA issued a notice to all CHFA registered MCC lenders today which states:

As a result of the popularity of the CHFA MCC Program, availability of reservations for the CHFA MCC program is temporarily limited to loans in designated set-asides. Those set-asides include loans in which the Property is located in a Targeted Area, Property located in Grand or Routt County, and loans for Eligible Veterans (defined in the Sellers Guide as “a person who served in the active military, naval, or air service of the United States, and who was discharged or released therefrom under conditions other than dishonorable, as defined in 38 USC subsection 101″).

The silver lining in this notice was:

CHFA is also pleased to announce that the CHFA Statewide MCC program is now available to non-first time homebuyers who are purchasing a property located in a Targeted Area or if they are an Eligible Veteran.

Based on these changes we need to know what a “Targeted Area” is.  CHFA has listed the “Target Areas” in their Seller Guide in Chapter 11 or page 125.

Although we are normally one of the first to know about these great programs we are also normally the first to let you know when they are no longer available.  Both are valuable when trying to get deals closed.  Providing extra benefits through these programs can save deals where other lenders can’t get them done while knowing when they are no longer available can save time, money and energy into a transaction that wouldn’t have worked without such a program.  We keep you updated with this news at it happens!

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!