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:
January 8, 2015 through December 31, 2017, as long as program funds remain.

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  

 $93,360

 $108,920

 Families of 3 or more

 $93,360

 $108,920


 MAXIMUM HOME COST:
   Non-Targeted      Targeted
 1-Family Residence       $382,500  $467,500
 2-Family Residence  $489,668  $598,483
 

ELIGIBLE LOANS: 
Terms and interest rate of the mortgage loan are set by the Participating 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:
6, 7.02, 8, 9.02, 9.03, 9.04, 9.05, 11.01, 14.01, 15, 18, 19.01, 24.03, 35, 36.01, 44.04, 45.03, 45.04, 45.05, 45.06, 68.13, 70.06, 70.37, 70.89, 83.12, 155, 156, 9800

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, 303-914-3846
Amerifirst Financial Inc., 303-595-0110
Bank of America N.A.
Broker Solutions Inc. dba New American Funding, 720-530-4221
Catalyst Lending Inc.
Cherry Creek Mortgage Company Inc., 303-226-8835
Citywide Home Loans, A Utah Corporation, 303-996-7000
Cornerstone Home Lending Inc., 303-395-3905, 303-957-2510, 303-957-2484
ENT Federal Credit Union, 800-525-9623
Fairway Independent Mortgage Corporation
First California Mortgage Company, 954-217-0817, 720-389-0040
Georgetown Mortgage LLC, 877-232-4411
MegaStar Financial Corporation, 303-321-8800
NOVA Home Loans (NOVA Financial and Investment Corporation), 720-279-5900, 303-803-1030, 720-387-3000, 719-442-6682
Peoples National Bank, 303-228-7792
PrimeLending, A Plains Capital Company
Summit Funding Inc., 303-668-7605
Summit Mortgage Corporation, 303-779-0591, 720-200-9480, 303-991-2749
The Mortgage Company, 303-300-1850
The Mortgage Network, 303-320-3400
Universal American Mortgage Company LLC dba Pinnacle Mortgage Group, 303-716-9000
Universal Lending Corporation, 303-758-4969
V.I.P. Mortgage Inc, 303-407-0100
W. J. Bradley Mortgage Capital LLC, 720-253-0047, 720-270-7619

To become a lender, email Jennifer Payne at
jennifer.payne@raymondjames.com.



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