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Buying A Home

Home Buyer Assistance: Mortgage Credit Certificate Program

The City and County of Denver 2009 Mortgage Credit Certificate (MCC) program allows qualifying borrowers to receive an annual federal income tax credit equal to 20% of the yearly interest they pay on their mortgage loan. The tax credit allows a taxpayer to subtract the amount of the credit from their 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

April 22, 2009 through December 31, 2011.

Eligible Mortgagors

First-time homebuyers (cannot have owned a home in the past three years). Need not be a first-time homebuyer in targeted areas and for eligible refinancing.

Maximum Home Income

   Non-Targeted Targeted
Families of 2 or fewer $ 88,600  $ 91,200
Families of 3 or more  $101,900 $106,400

 

Maximum Home Cost

  Non-Targeted  Targeted
1-Family Residence  $354,900 $433,800

 

Eligible Loans

Terms and interest rate of the mortgage loan are set by the lender, though must be fixed-rate.

Targeted Areas

Maximum family incomes and home costs are allowed to be higher in targeted areas. Please visit the MCC tab at www.milehigh.com/housing for a map of target areas.

Home Buyer Education

Homebuyer Education is required for all borrowers and a certificate must be obtained through a HUD approved agency. See www.milehigh.com/housing for housing counseling agencies.

PARTICIPATING LENDERS

The following lenders are approved participants in the MCC program:

  • Air Academy Federal Credit Union – 303-840-5313, 303-470-6529, 303-660-5699
  • American Capital Financial – (303) 830-2208
  • American Liberty Mortgage – (303) 458-3778
  • Bank of America – 303-832-0091 ext. 222
  • Circle One Mortgage – (303) 565-3904, (303) 302-3132
  • DHI Mortgage – (720) 488-2087, (720) 200-9071, (720) 488-2085, (720) 528-4979
  • Megastar Financial Corp. – (303) 321-8800, (303) 233-6410, (303) 429-2500
  • Mortgage Money, Inc. – 303-695-0888
  • Rocky Mountain Mortgage Specialist – (303) 773-6106
  • Summit – (303) 779-0591, ext. 101, (720) 200-9480
  • Universal Lending Corporation – (720) 524-2679
  • Uptown Mortgage – (303) 839-5262
  • US Bank Home Mortgage – (303) 369-4561
  • Wells Fargo Home Mortgage – (303) 779-9199, (303) 980-7693, (720) 344-7200
  • Wintrust Mortgage Corporation - (303)  791-6600
  • WR Starkey – (303) 757-0300, (720) 489-0712

 If you are interested in becoming a lender, please email Stacy Houston at stacy.houston@morgankeegan.com.

 

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The consumer information on TakeRootDenver.com is used with permission from Freddie Mac. Freddie Mac offers extensive, regularly updated consumer information about buying and owning a home on its website, www.FreddieMac.com, in the “About Homeownership” section. Freddie Mac is not responsible for content errors or omissions on TakeRootDenver.com.

The funding source of this activity is the City and County of Denver, Office of Economic Development with Neighborhood Stabilization Program funding, and Freddie Mac.