Effective January 4, 2016, the Mortgage Credit Certificate (MCC) Program credit rate will be reduced from 35% to 25% to help us serve more borrowers.
With rising home prices and interest rates, a 25% credit rate means borrowers will still receive a significant tax credit and many will reach the $2,000 annual maximum credit amount.
35% credit rate applies for:
- MCC (with First Mortgage) loans committed on or before December 31, 2015
- MCC (Stand-Alone) Pre-closing Compliance Review packages received on or before December 31, 2015
25% credit rate applies for:- MCC (with First Mortgage) loans committed on or after January 4, 2016
- MCC (Stand-Alone) Pre-closing Compliance Review packages received on or after January 4, 2016