|
| |
Reissued Mortgage Credit Certificate Program
[ Parent ]
|
The Reissued Mortgage Credit
Certificate (RMCC) Program is designed to reissue Mortgage Credit
Certificates to current MCC holders who refinance their original
mortgage loan for the first time.
Conditions for Reissuance:
- an MCC with respect to the property had to be properly issued in
the first place
- the refinance must be the first refinance of the original mortgage
loan
- the Certified Indebtedness Amount (the portion of the loan on
which the interest for the tax credit is calculated) of the RMCC is
limited to the outstanding principal balance of the original loan at
the time of refinance
- the tax credit rate on the RMCC cannot exceed the tax credit rate
of the original MCC
- a higher interest credit than would have been available under the
original certificate cannot be claimed for any taxable year – a
Credit Cap Limit is provided upon reissuance
- the RMCC is good only until the maturity date of the original
mortgage loan (unless the maturity date of the new loan is prior to
that of the old)
- the original loan may be fixed rate, variable rate, graduated
payment, and in certain instances balloon payment loans with a
conversion/extension addendum
- there is no requalification of borrower eligibility in terms of
income, purchase price of the home, household size or marital status
– owner occupancy is still required
- the RMCC is reissued in the name of the original MCC holder(s)
only
- there is a $250.00 application fee
Documentation Required for Reissuance:
- copy of original Mortgage Credit Certificate
- copy of Promissory Note (with Riders or Addendums) on Old Mortgage
Loan
- copy of Promissory Note (with Riders or Addendums) on New Mortgage
Loan
- if the old loan was an Adjustable Rate Mortgage, submit a copy of
the Truth In Lending Disclosure Statement for the new loan
- copy of the payoff statement for the old loan
- copy of the HUD-1 Settlement Statement from the closing of the new
loan
- $250 application fee made payable to SHRA
Application Procedure:
To apply for the program, or for additional information please call
(916) 264-1500. |
01/31/2008 |
