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GSFA MCC® — Guide
Lender Participation Guide
GSFA MCC® Program
Information in this Lender Participation Guide is intended for mortgage professionals only. The Participation Guide furnishes Lenders (and real estate professionals) with complete program guidelines and an understanding of the steps to be taken to begin participating in and/or originating GSFA Mortgage Credit Certificate (MCC) Program transactions. It is organized by the tabs below, for easy reference.
FUNDING UPDATE
The GSFA MCC Program is currently out of funds.
GSFA will provide a lender announcement as soon as MCC funds are made available via the California Debt Limit Allocation Committee (CDLAC).
Click on the tabs below to display contents.
GSFA MCC® Guidelines
- GSFA MCC Program Allocation — Updated 12/19/2019
- MCC Program Manual — Updated 12/05/2018
Program Updates (Single-Family Bulletins)
- View Current Bulletins
- Subscribe to receive Bulletins directly to your inbox
Income and Sales Price Limits
- Look up by County of Property
- Target Area Census Tracts — Updated 01/16/2020
- Census Tract Lookup Tool
Reservation System
MCC Forms
- MCC-002 | Application Checklist — 03/07/17
- MCC-003 | Application and Affidavit — 01/27/15
- MCC-004 | Seller Affidavit — 01/27/15
- MCC-005 | Certification of No Income — 01/27/15
- MCC-006 | Tax Return Affidavit — 01/27/15
- MCC-007 | Closing Package Checklist — 04/25/16
- MCC-008 | Borrower's Closing Affidavit — 01/27/15
- MCC-009 | Lender's Closing Certificate — 01/27/15
- MCC-010 | Recapture Tax Notice — 01/27/15
Re-issuance of MCC (RMCC) Forms
- RMCC-001 | Application Checklist — 07/01/19
- RMCC-002 | Application and Affidavit — 10/18/19
- RMCC-003 | Exhibit A — 01/27/15
- RMCC-004 | Ownership Change Addendum — 01/27/15
IRS Forms
Mortgage Credit Certificate
Providing an Annual Tax Credit to First-Time Homebuyers and Qualified Veterans
Lender assists homebuyer with applying for a GSFA MCC at the same time that the homebuyer qualifies for the mortgage loan.
Program Overview
The credit from a Mortgage Credit Certificate can be substantial. For the GSFA MCC Program, the annual tax credit is 20% of mortgage interest paid each year. This can mean thousands of dollars each year, for the life of the loan.
Plus, qualifying for an MCC may also help the homebuyer qualify for the mortgage loan itself…
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