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: $21,760,000
Program Period: July 18, 2014 through December 30, 2017, 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 $73,900 or Targeted $88,680 Families of 3 or More: Non-Targeted $84,985 or Targeted $103,460
3) Maximum Home Cost: Non-Targeted $255,573.90 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.
Homebuyers – For More Information: Please contact one of the participating lenders listed below for information and details.
- Academy Mortgage Corporation
- Air Academy Federal Credit Union
- Axia Home Loans
- Bank of America, N.A.
- Bay Equity, LLC
- Broker Solutions, Inc., dba New American Funding
- CB&T Mortgage Part of Stockmens Bank
- Caliber Home Loans
- Catalyst Lending, LLC
- CityWide Home Loans
- Cornerstone Home Lending, Inc.
- DHA Financial, Inc.
- Fairway Independent Mortgage Corporation
- First Mortgage Co., LLC
- Guaranteed Rate, Inc.
- Guild Mortgage Company
- JR Mortgage Corporation
- loanDepot.com dba iMortgage
- Midwest Mortgage Associates Corporation
- Mountain West Financial, Inc.
- Nova Financial & Investment Corp (Nova Home Loans)
- Peoples National Bank
- WR Starkey Mortgage
Can be used jointly with: Single Family "Turnkey" Mortgage Program
Lenders – Should you wish to become an approved lender, please contact Jennifer Payne at Raymond James (firstname.lastname@example.org) for more information.