New MCC Credit Rate
Effective January 4

New MCC Credit Rate
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
The MCC Program Manual and Program Description have been updated to reflect the change in credit rate. 
MCC Reissuances
Do you have a borrower who received an MCC through Minnesota Housing and would like to refinance? Refinance borrowers can apply to have their MCC reissued so they can continue to receive a tax credit on their federal income taxes.

To be eligible, borrowers must refinance with a fixed-rate mortgage and apply to Minnesota Housing by December 31 of the year in which they refinance. No income limits apply to reissuances. Help your borrowers understand this process with our FAQs for MCC Holders.
Commitment System Availability
Minnesota Housing will be closed on Friday, December 25 and Friday, January 1, 2016. Homeownership lenders will be unable to lock new loans between:
  • 5:00 p.m. on Thursday, December 24 and 10:00 a.m. on Monday, December 28.
  • 5:00 p.m. on Thursday, December 31 and 10:00 am on Monday, January 4.
Upcoming Webinars
Training is not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training web page for more details and register for these upcoming Webinars:
Questions? 
Reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
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