The El Paso County Mortgage Credit Certificate (MCC) program allows qualifying borrowers to receive an annual federal income tax credit equal to 50% of the annual interest they pay on their mortgage loan ($2,000/year maximum).
Program Size: $26,626,750
Program Period: March 15, 2018, through December 31, 2019, as long as program funds remain.
Homebuyer Eligibility Criteria:
1) First-time Homebuyers: Cannot have owned a home in the past three years (except in “Targeted Areas” and for Qualified Veterans). Targeted Areas are census tracts designated by HUD as underserved in mortgage loan origination.
2) Maximum Family Income:
Families of 2 or Fewer: Non-Targeted $82,600 or Targeted $99,120
Families of 3 or More: Non-Targeted $94,990 or Targeted $115,640
3) Maximum Home Cost: Non-Targeted $280,588.50 or Targeted $342,941.50
Terms and interest rate of the mortgage loan are set by the Participating Lender, though must be fixed-rate and not exceed 40 years. Can be used jointly with Single Family “Turnkey” Mortgage Program
Eligible Loan Area:
Mortgage loans under the program may be made to qualifying borrowers throughout El Paso County, including the City of Colorado Springs.
Who can I contact for more information?
Please contact one of the participating lenders listed below for information and details.