The Washington State Housing Finance Commission has announced that the available funds for mortgage credit certificates (MCC) will be reduced in 2o16. They estimate that the remaining funds will be reserved by the end of March (possibly sooner) and that after the available funds are all reserved, home buyers can go on a wait list. The fee for the MCC is increasing in 2016 as well.
Home buyers often use the funds from the mortgage credit certificate as additional income to help qualify for a mortgage.
If you are buying a home in Washington state and have been planning on using mortgage credit certificates, you need to contact your mortgage professional as soon as possible to develop a back up plan. MCC funds cannot be reserved until you have a bona fide contract and when they’re gone, they’re gone.
If I can help you with your home buying or refi mortgage needs for property located in Washington state, please contact me.