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 when purchasing a home located 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.