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Additional Forms
The IRS Form W-4 is to be filed with the payroll clerk where you work. The MCC tax credit is similar to the credit which may be taken for child or dependent care expenses. Although a separate line on the W-4 form is not provided for the MCC credit, you may use the same line for this purpose. These W-4 instructions explain how to fill our Form W-4 regarding MCCs.
If a Commitment Letter has been issued and an extension is necessary, you must fill out the Extension Request Form and submit a $25.00 MCC Extension Fee.
Refinancing of MCC Loan Application In the event you obtain an MCC Certificate and later desire to refinance the loan made in connection with the MCC, a new MCC may be issued for the refinance loan; provided that certain federal conditions are met. You must fill out the Refinancing of MCC Loan Application Form and submit a fee of $120.00 to the Program Administrator at P.O. Box 9277, Corpus Christi, Texas 78469. In no event may the new loan amount exceed that balance owing on the original MCC loan.
Notice of Denial of Eligibility In the event a Lender determines that you are ineligible for the issuance of an MCC, the Lender shall complete this Notice of Denial of Eligibility of MCC form and file it with the Program Administrator. |
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The MCC program is designed to make ownership of homes more affordable for first-time home buyers in low to moderate income households. An MCC increases a family’s disposable income by reducing its federal income tax obligations, providing a family with more available income to qualify for a loan and meet mortgage payment requirements. Tax savings will be as much as $2,000 per year for each year a family resides in the house and makes mortgage payments.
See the Information Guide for more information on how you can put money in your pocket! If you meet the income eligibility limits described below, all you are required to do is complete the Application Forms in connection with the mortgage processing for your home purchase and submit an application fee of $250.00.
You have the choice of using the one-step or two-step application process listed below.
One-Step Application Process
After closing, fill out the following six documents and within 30 days of closing, mail those documents, along with a one-time $250.00 submission fee, to the Program Administrator at P.O. Box 9277, Corpus Christi, Texas 78469.
Two-Step Application Process
Complete the Affidavit of Applicant form and prior to closing, mail it, along with a $75.00 Commitment Fee, to the Program Administrator at P.O. Box 9277, Corpus Christi, Texas 78469 in order to receive a Commitment Letter. After closing, fill out documents 2-6 below and within 30 days of closing, mail those documents, along with a $175.00 fee, to the Program Administrator at the address listed above.
Application Forms & Process
Fill out the Affidavit of Applicant form along with the attached worksheets and sign it in front of a Notary Public.
2. Income and Reaffirmation Affidavit
Fill out the Income and Reaffirmation Affidavit form, attach the required tax returns, and sign it in front of a Notary Public.
3. Notice of Potential Recapture Tax
Fill out the Notice of Potential Recapture Tax form and sign it.
4. Certificate of Lender (with Credit Analysis Worksheet attached)
After you have filled out the Affidavit of Applicant, Income and Reaffirmation Affidavit (with Tax Returns attached), and Notice of Potential Recapture Tax, take these forms to your Lender and have your Lender sign the Certificate of Lender and attach the Credit Analysis Worksheet.
5. Closing Affidavit (with HUD 1 Form attached)
Take this form to the title company at closing, have them fill it out and sign it, and attach the closing statements.
Complete the Submission Coversheet and submit a $250.00 fee with the MCC Submission Package which is payable by check or money order to the Corpus Christi Housing Finance Corporation.
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