Program Benefit: The El Paso County MCC program allows qualifying borrowers to receive an annual federal income tax credit = 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.
Who is eligible?
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 $77,800 or Targeted $93,360
Families of 3 or More: Non-Targeted $89,470 or Targeted $108,920
3) Maximum Home Cost: Non-Targeted $262,588 or Targeted $320,941
Eligible Loans: Terms and interest rate of the mortgage loan are set by the Participating Lender, though must be fixed-rate and not exceed 40 years.
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.