See what CalHFA is saying below…checking on GSFA now as well
MCC unsure maybe is gone...
wait for update
update is i 12/22/2017
update is i 12/22/2017
MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM
As a result of possible federal tax reform, please see below for important
MCC reminders:
- As of November 17, 2017, a Mortgage Credit Certificate may not be used
for credit qualifying purpose for any CalHFA first mortgage loan.
- All loans must be closed AND the complete MCC package must be submitted
AND cleared of deficiencies by eHousingPlus on or prior to December 18, 2017 so
MCC certificates may be issued prior to year-end. There is no guarantee that
MCC certificates can be issued for any MCC package not meeting the deadline.
- Lenders may continue to reserve MCCs for non-credit qualifying purposes,
but be mindful of the December 18, 2017 deadline.
- CalHFA first mortgage loans in which an MCC was used for credit
qualifying purposes that have not closed by December 18, 2017 AND fail to meet
the above deadline may be subject to re-underwriting and requalifying without
the MCC
Due to the uncertain outcome of the tax reform legislation, CalHFA will not
obtain any additional allocation for MCCs in the future. Please see the eHousingPlus system for
remaining availability figures for CalHFA's MCC program.
