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CHFA Mortgage Certificate

Prepared by:

Mari Takeshita @ Cherry Creek Properties 303.941.6274

Sharon Campbell @ Guild Mortgage Company at 720-746-4072


Save money every year with the CHFA Mortgage Credit Certificate (CHFA MCC)! Getting a CHFA MCC is like getting up to a 50 percent discount off your mortgage interest rate.
how it works
 Pair the CHFA MCC with your CHFA First Mortgage Loan or a loan from your favorite lender.
 Reduce the amount of federal taxes you owe by claiming 20, 30, or 50 percent* of your annual mortgage interest as a tax credit on your tax return.
 Claim the remaining interest as a home mortgage interest deduction.
 The result: You pay lower taxes and have more money to put back into your home or into savings!
*The Mortgage Credit Rate is based on your loan amount.
 20% MCC for loans of $150,001 or greater – no cap
 30% MCC for loans of $100,001 to 150,000 – $2,000/year cap
 50% MCC for loans of $100,000 or less – $2,000/year cap
savings example (Effective Rate)
Click table for a larger image.
For example, if you are getting a loan for $250,000, the amount of interest you will pay in one full year is $8,750. (Loan amount X interest rate = annual interest). With an MCC credit rate of 20%, you would be eligible for a tax credit on your taxes of $1,750. (Annual interest X MCC credit rate = tax credit). The MCC savings will reduce your effective interest rate to 2.42%, saving you $145.83 a month!
how do you qualify?
 First time homebuyers
 Eligible veterans
 Non-first time homebuyers purchasing in targeted areas
 CHFA–approved homebuyer education required
 Mid credit score of 620
 Must live in the home as a primary residence
 Income and purchase price limits (Targeted areas have different income and purchase price limits and no first time homebuyer requirements. These areas are determined by census tract.)