become a participating lender 
OHFA's Mortgage Credit Certificate Program offers lenders yet another option for bringing first-time homebuyers to the market. Through the program, OHFA will make available $12.5 million in Mortgage Credit Certificates (MCCs) for approximately 1,000 qualified homebuyers. The MCCs are ideal for homebuyers with larger federal income tax liabilities because they allow the homebuyer to claim a tax credit for a portion of their mortgage interest, which can reduce the homebuyer's tax liability by up to $2,000.
As a participating lender, you have the flexibility to combine these MCCs with any of your fixed-rate financing vehicles to best meet the mortgage needs of your first-time homebuyers, and you have the option of servicing the loan for the lifetime of the loan.
OHFA will begin accepting applications for qualified homebuyers with purchase contracts dated on or after February 17, 2009, and will begin issuing MCCs for loans closing on or after March 23, 2009. MCCs are available on a first-come, first-served basis, so complete the Participation Agreement today and get ready to help make homeownership a reality for more of your customers.
Lender Participation Requirements
OHFA participating lenders in the Mortgage Credit Certificate Program must be able to originate, underwrite, close, and fund mortgage loans. See additional program eligibility requirements.
Participation Agreement
Before a participating lender can originate and process applications for Mortgage Credit Certificates, the lender must execute and submit the following to OHFA:
- Mortgage Credit Certificate Program Participation Agreement
- Attachment to Participation Agreement
- Copy of the Participant's Financial Statement for the Past Year (Financial Statements for the past two years will be required if the lender did not participate in OHFA's Residential Mortgage Loan Origination Program in either of the two prior calendar years.)
- Lender Participation Fee
You can download the Participation Agreement below. Please submit the executed agreement and participation fee to:
Ohio Housing Finance Agency
Attention: Office of Homeownership
57 East Main Street
Columbus, Ohio 43215
Upon receipt of the executed Participation Agreement, you will receive specific training information. We look forward to working with you to bring this exciting program to new homebuyers.
Downloading Files
The following files are in Adobe PDF file format and must be viewed with Adobe Reader. If you do not have Adobe Reader, a free version can be downloaded from Adobe's web site.
- MCC Program Participation Agreement (217 KB Adobe PDF File)
- MCC Program Fact Sheet (165 KB Adobe PDF File)
Questions?
For more information about the benefits of becoming a participating lender or for additional information about the Mortgage Credit Certificate Program, please contact:
Pete Simpson
Lender Liaison
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215
614.466.8155
psimpson@ohiohome.org
