"Borrowers Certificate Form" is a American Lawyer Media form. This is form is a borrowers certificate that is used for the borrowers certification.
Hawaii Borrowers Certificate Form
State:
Multi-State
Control #:
US-BC197
Format:
Word;
PDF;
Rich Text
Instant download
Description
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How to fill out Borrowers Certificate Form?
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FAQ
The Hawaii Housing Finance and Development Corporation (HHFDC) is an Issuer of Mortgage Credit Certificates. The Mortgage Credit Certificate (MCC) reduces the amount of federal income tax you pay, thus giving you more available income to qualify for a mortgage loan and assist you with house payments.
Your MCC will become void when you refinance your original loan. If you have an RMCC and refinance, the existing RMCC becomes void. You may however, apply for a Reissued MCC when you refinance your original MCC assisted loan or RMCC assisted loan.
MCCs are not a loan product, but rather a federal tax credit. MCCs are certificates issued by HFAs that increase the federal tax benefits of owning a home and helps low- and moderate-income, first-time homebuyers offset a portion of the amount they owe in mortgage interest.
What is the Mortgage Credit Certificate (MCC) Program? The MCC program is a homebuyer assistance program designed to help lower?income families afford homeownership. The program allows homebuyers to claim a dollar?for?dollar tax credit for a portion of mortgage interest paid per year, up to $2,000.
If you're a first-time home buyer looking for ways to save money on your mortgage, then you may want to see if you qualify for a mortgage credit certificate (MCC). This federal tax credit is distributed by your state or local government and allows you to deduct a portion of your mortgage interest.
The borrower's certification and authorization also authorizes the lender to share information in the loan application with other parties. It also gives the lender the right to verify information in the loan application, credit application, and employment history.
Generally, the housing finance agency in question sets an MCC percentage of between 10% and 50%. The formula for figuring the MCC amount is fairly straightforward: Multiply the home loan amount by the mortgage interest rate and the MCC percentage. The MCC percentage is established by the Housing Finance Agency.
Regardless of the tax credit percentage issued, the Internal Revenue Service caps the maxi mum tax credit that may be taken for any given year at $2,000 for each MCC recipient.