Mortgage Credit Certificate:
- By partnering with Colorado Housing Finance Authority and/or Denver County, you may be eligible for a Mortgage Credit Certificate (MCC) to reduce the amount of federal taxes you owe each year.
How it works:
- MCC holders may claim 20 percent of the paid mortgage interest on their first mortgage.
- The remaining percentage continues to qualify as an itemized tax deduction.
- The MCC can be combined with some other purchase mortgages.
- The MCC is in effect every year for the life of the first mortgage loan.
How you qualify:
- Have a mid credit score of 620 or higher.
- Use the home as your principle/primary residence.
- You have not owned a home as a primary residence in the last three years or you are a qualified veteran.
- Meet income limits and purchase price limits.
- Take a CHFA homebuyer education class (online or in person) prior to loan closing.